Bitcoin in depth
The halving
3 min
The rate at which new bitcoin are created is not constant — it is cut in half at regular intervals in an event called the halving (or halvening).
How it works
Roughly every 210,000 blocks — about every four years — the block reward paid to miners is halved.
- It began at 50 BTC per block in 2009.
- 25 BTC after the first halving (2012).
- 12.5 BTC (2016), then 6.25 BTC (2020), then 3.125 BTC (2024).
This continues until the reward becomes negligibly small and the 21-million cap is effectively reached, expected around the year 2140.
Why it matters
The halving steadily reduces the rate of new supply. Because it is fully predictable and known years in advance, it is one of the most watched events in the market. Commentators often discuss its possible effect on price, but you should treat such claims with caution: a known, scheduled event is, in theory, already reflected in expectations, and past patterns are not a reliable guide to the future.
The long-term consequence for miners
As the block reward shrinks toward zero, miners will increasingly rely on transaction fees rather than newly issued coins to cover their costs. How well fees alone can fund network security in the distant future is an open and actively debated question.
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