Bitcoin halving explained: how block rewards have changed

Every four years or so, the amount of new bitcoin paid to miners is cut in half. It happens on a schedule written into Bitcoin’s rules, and no one has to vote for it or announce it.

Here’s what the halving is, why it exists, how block rewards have changed since 2009, what it means for miners, and why its date can only be estimated. This article describes the supply schedule, not price effects, which can’t be predicted.

What the halving is

According to Bitcoin.org, new bitcoins enter circulation as a reward to the miner of each block. Every 210,000 blocks, roughly four years, that reward is cut in half. This event is called the halving. The reward started at 50 bitcoins per block in 2009 and reaches zero around the year 2140, when all bitcoins will have been issued.

Only the new-coin part of the reward is halved. Bitcoin’s developer documentation explains that the block reward is the block subsidy, meaning newly created bitcoin, plus the transaction fees in that block, and the fees aren’t affected by the halving.

Why Bitcoin has a halving

Bitcoin.org describes the halving schedule as how the network’s fixed supply is enforced. Issuance slows down predictably until it stops entirely, so the total never goes above 21 million bitcoins. The Bitcoin Wiki adds a technical detail: the exact limit works out to slightly less than 21 million, because the amounts are stored as whole units of the smallest denomination.

The white paper anticipated this design. It describes new coins entering circulation as an incentive for nodes to support the network, and says that once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees.

How block rewards have changed

As of 2026, there have been four halvings. The first came at block 210,000 on 28 November 2012, cutting the reward from 50 to 25 bitcoins. The second came at block 420,000 on 9 July 2016, cutting it to 12.5. The third came at block 630,000 on 11 May 2020, cutting it to 6.25. The fourth came at block 840,000 on 20 April 2024, cutting it to 3.125 bitcoins per block, which is the current reward. The next halving is due at block 1,050,000, expected in 2028, when the reward will fall to 1.5625.

These facts are from Bitcoin.org’s halving page. The schedule is set by block height, not by dates, so the future entries will move if blocks arrive faster or slower than planned.

What it means for miners

Bitcoin.org notes that each halving reduces the new bitcoins miners earn per block, so transaction fees make up a growing share of their income. Over time, fees are expected to replace the block reward entirely as the incentive that keeps the network secure.

What happens to mining activity after a halving depends on many things, including miners’ costs, the price of bitcoin, and the network’s difficulty, so this article doesn’t predict it.

Why the date can only be estimated

A halving is triggered when a block height is reached, not on a date. Bitcoin targets one block every ten minutes on average, so, as Bitcoin.org explains, the date of block 1,050,000 can only be estimated. When mining power grows, blocks tend to arrive slightly faster, which is why halvings usually land a little earlier than a simple calendar projection. The link between block speed and the difficulty adjustment is explained in the article on mining difficulty.

WEEX Reminder: schedules are known, outcomes are not

WEEX reminds users that the halving schedule is public, but its effect on markets can’t be predicted. Be careful with promotions that use an upcoming halving to promise returns, since the FTC says only scammers guarantee profits. Never share a seed phrase or verification code with anyone offering to help you “prepare” for a halving. Nothing here is financial advice.

Conclusion

The Bitcoin halving cuts the new-coin reward for each block in half every 210,000 blocks, about every four years. It has taken the reward from 50 bitcoins in 2009 to 3.125 since April 2024, and it’s how the 21 million limit is enforced. Fees will make up a growing share of miners’ income, and because the trigger is a block height, the next date can only be estimated.

FAQ

1. What is the Bitcoin halving?
It’s the event, every 210,000 blocks, when the reward Bitcoin pays miners for a block is cut in half. It’s built into the protocol’s supply schedule.

2. How often does it happen, and what is the current block reward?
Roughly every four years. As of 2026, the block subsidy is 3.125 bitcoins, since the halving of April 2024.

3. When is the next halving?
It’s due at block 1,050,000, expected in 2028. The exact date depends on how fast blocks are found, so it can only be estimated.

4. Does the halving affect bitcoin’s price?
The halving changes how many new bitcoins are issued per block. Any effect on price isn’t part of the protocol and can’t be predicted, and this article doesn’t offer a forecast.

5. What happens when the block reward reaches zero?
Around 2140, all bitcoins will have been issued. Bitcoin.org says transaction fees are then expected to replace the block reward as the incentive that keeps the network secure.