Every 210,000 blocks the new bitcoin per block is cut in half. Halvings happened in 2012, 2016, 2020 and 2024; the next is due around 2028.
What halves
The subsidy: the new bitcoin created in each block. Fees are not affected.
| Halving | Block height | Year | Subsidy after |
|---|---|---|---|
| Start | 0 | 2009 | 50 BTC |
| 1st | 210,000 | 2012 | 25 BTC |
| 2nd | 420,000 | 2016 | 12.5 BTC |
| 3rd | 630,000 | 2020 | 6.25 BTC |
| 4th | 840,000 | 2024 | 3.125 BTC |
| 5th | 1,050,000 | about 2028 | 1.5625 BTC |
Why every 210,000 blocks?
At 10 minutes per block, 210,000 blocks take about four years. The halving is scheduled by height, not by date, so its exact day depends on how fast blocks are found.
The end of the subsidy
The subsidy is stored in sats and shifted right each halving, dropping fractions. After 33 halvings it reaches 0 sats, around the year 2140. That's how the total stays just under 21 million.
Visit each halving block
- Block 210,000: 50 → 25 BTC, November 2012
- Block 420,000: 25 → 12.5 BTC, July 2016
- Block 630,000: 12.5 → 6.25 BTC, May 2020
- Block 840,000: 6.25 → 3.125 BTC, April 2024
Does the halving change the price?
Halvings reduce how many new coins come to market, and some people link them to past price cycles. Price depends on demand too, so past patterns are no guarantee. This lesson explains the mechanics, not investment advice.
Key takeaways
- The subsidy halves every 210,000 blocks, about every four years.
- Halvings occurred in 2012, 2016, 2020 and 2024.
- The subsidy reaches zero around 2140.
Common questions
When is the next halving?
At block 1,050,000, expected around 2028. The exact date depends on block times.
Does the halving affect transaction fees?
No. It only changes the new-coin subsidy.
When is the next Bitcoin halving?
At block 1,050,000, expected around 2028; the exact date depends on block times.
How many halvings will there be?
33 in total, after which the subsidy reaches zero around 2140.