Bitcoin halving dates are fast approaching.

Approximately every four years, the network cuts the reward for mining new coins in half. These planned events lower the Bitcoin production rate to increase the currency’s value and limit its inflation.

Let’s dig into what halving means and let the Bitcoin halving countdown begin.

What Is Bitcoin Halving?

Initially, the Bitcoin network issued 50 bitcoins (BTC) every 10 minutes. Every four years since then, the network has cut this number in half in a scheduled event known as a halving or halvening.

With each halving, the number of Bitcoins produced decreases, resulting in a continually lower supply of new coins. This makes the value of the cryptocurrency increase over time.

Halving events also control Bitcoin’s inflation rate, which has decreased steadily since the currency’s inception. Like gold (and unlike fiat currency like dollars), Bitcoin is a deflationary currency with a limited supply.

Eventually, BTC halving will cap the total supply at 21 million bitcoins.

How Does Bitcoin Halving Work?

A bitcoin cut in half.

Last halving schedules have cut the reward to network participants — known as miners — from 50 to 25 to 12.5, and then 6.25 BTC per block. Miners utilize computer hardware to generate new coins. They achieve this by verifying network transactions, through complex mathematical computations — all based on the Bitcoin algorithm.

Each time the Bitcoin block reward decreases by half, the revenue of every Bitcoin miner also drops by half.

It’s unclear exactly how long the supply of bitcoins will last. Some estimates indicate that the entire supply will be exhausted by 2140, and as much as 98% may be gone by as early as 2032.

Bitcoin Halving Dates — When Was the Last Bitcoin Halving?

The Bitcoin launch in 2009 set the mining rewards for new bitcoins at 50 BTC per block. Since then, the Bitcoin halving cycle comes roughly every four years.

Here’s an overview of Bitcoin halving history:

Event

Date Block Height Block Reward (BTC)

Launch

January 3, 2009

0 (Genesis Block)

50

First Halving

November 28, 2012

210,000 

25

Second Halving

July 9, 2016

420,000

12.5

Third Halving May 11, 2020 630,000

6.25

When Is the Next Bitcoin Halving?

The next Bitcoin halving will take place when the block height — or size of the blockchain — reaches 840,000. Based on the current trajectory, the event will likely occur in the spring of 2024.

Bitcoin halving predictions indicate the due date is in April (such as April 13 or April 24), while others leave room for a slight possibility that it will occur in March or May. If the Bitcoin hashrate (an indicator of the frequency of mining attempts) increases substantially, the BTC halving date may come earlier.

The next Bitcoin halving will cause the block reward to drop to 3.125 BTC per block.

Event

Date (Projected) Block Height Block Reward (BTC)
Fourth Halving April 2024 840,000

3.125

FAQs

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