A Bitcoin halving cuts the block subsidy—the new bitcoin created for each block—in half at a programmed block height. It changes issuance, not the amount of bitcoin people already hold, and it does not halve transaction fees.
The four completed halvings
| Date (UTC) | Block | Subsidy change |
|---|---|---|
| November 28, 2012 | 210,000 | 50 to 25 BTC |
| July 9, 2016 | 420,000 | 25 to 12.5 BTC |
| May 11, 2020 | 630,000 | 12.5 to 6.25 BTC |
| April 20, 2024, 12:09 UTC | 840,000 | 6.25 to 3.125 BTC |
The next target is block 1,050,000, when the subsidy is scheduled to fall from 3.125 to 1.5625 BTC. Bitcoin.org lists 2028 as the estimate. The block height is fixed by the protocol; the calendar date is not, because blocks arrive at a variable pace.
What the event changes
Miners receive the subsidy plus transaction fees in each block. A halving reduces the subsidy component, so miners’ revenue from fees becomes relatively more important. The effect on an individual miner depends on factors including hardware and electricity costs, fees, bitcoin’s market price, and network difficulty.
The schedule does not change the rules for existing coins or directly reduce transaction fees. It also does not guarantee a price increase. Each past halving happened amid different market, economic, and adoption conditions; a price move after an event does not prove the event caused it.
Common misconceptions
- “Bitcoin’s supply is cut in half.” The subsidy rate is halved; existing balances remain unchanged.
- “It happens on an exact four-year anniversary.” It happens at a block-height milestone, usually about four years apart.
- “A halving predicts the next bull market.” It defines issuance, not demand or price.
- “Miner rewards become zero at the next halving.” The subsidy falls to 1.5625 BTC at block 1,050,000; transaction fees remain separate.
Social Media Sentiment
A July 2026 r/Bitcoin daily discussion listed an estimated window for the 2028 halving and the next subsidy, alongside bullish price speculation in the comments. This is a small forum snapshot of how protocol countdowns and market expectations get mixed together; the comments are not a price forecast.
Last updated: 2026-10
Related Terms
See Also
- What Happens to Bitcoin When All 21 Million Are Mined? — Connects scheduled issuance reductions to the long-term subsidy limit.
- How the 2024 Bitcoin ETF Changed Crypto — Covers demand-side developments that should be separated from the supply schedule.
- Why Does Bitcoin Still Move With the Stock Market? — Explains why broader market conditions can affect price around a halving.
- Swap crypto with ChangeNOW
Sources
- Bitcoin.org: Halving History and Schedule — Lists completed block heights, subsidy amounts, and the next target height and estimate.
- Blockchain.com: Bitcoin Block 840,000 — Records the fourth halving block’s timestamp and reduction from 6.25 to 3.125 BTC.