The Bitcoin Halving in Plain English

3 min read · updated 14 November 2026

Every 210,000 blocks the reward for mining Bitcoin is cut in half. Learn why the halving exists, how its date is estimated and what it changes.

New bitcoin is created as a reward for the miners who add blocks to the chain. Every 210,000 blocks, roughly every four years, that reward is cut in half. This event is called the halving.

Why it exists

Bitcoin's rules cap the total supply at 21 million coins. Halving the reward on a fixed schedule is how the system releases coins more and more slowly until the cap is reached, expected around the year 2140.

A short history

• 2009: the reward started at 50 BTC per block.
• 2012: 25 BTC. 2016: 12.5 BTC. 2020: 6.25 BTC.
• 2024: 3.125 BTC per block.

How the date is estimated

The halving happens at a block height, not on a calendar date. Blocks arrive on average every ten minutes, but the real pace varies. The countdown on the Bitcoin network page uses the current block height and recent block times from mempool.space, so the estimated date moves a little from day to day.

What it changes

After a halving, miners earn fewer new coins for the same work, so less new bitcoin reaches the market each day. Miners with high costs may switch off machines. Transaction fees become a larger share of miner income over time.

Past halvings were followed by large price rises, but the sample is small and many other things changed at the same time. Treat any claim that a halving guarantees higher prices with caution.

This guide is general information, not financial advice.