What is the Bitcoin Halving (Halvening)?
New bitcoins are issued by the Bitcoin network every 10 minutes.
For the first four years of Bitcoin’s existence, the amount of new bitcoins issued every 10 minutes was 50. Every four years, this number is cut in half. The day the amount halves is called a “halving” or “halvening”.
- In the 2012 halving, the amount of new bitcoins (BTC) issued every 10 minutes dropped from 50 bitcoins to 25.
- In 2016, it dropped from 25 BTC to 12.5 BTC.
- In May 11, 2020 halving, the reward dropped from 12.5 to 6.25 BTC per block.
- In the most recent April 19, 2024 halving, the reward dropped from 6.25 to 3.125 BTC per block.
In the 2028 halving, the reward will drop from 3.125 BTC per block to 1.5625 BTC.
What is the Significance of the Bitcoin Block Halving?
The halving decreases the amount of new bitcoins generated per block. This means the supply of new bitcoins is lower, making buying more expensive.
In normal markets, lower supply with steady demand usually leads to higher prices. Since the halving reduces the supply of new bitcoins, and demand usually remains steady, the halving has usually preceded some of Bitcoin’s largest runs.
In the image below, the vertical blue lines indicate the previous three halvings (2012-11-28, 2016-7-9, and 2020-5-11). Note how the price has jumped significantly after each halving. You can also view our live halving progress chart.
Bitcoin Halving Chart
In the image below, you can see Bitcoin’s inflation rate during each period.
Each halving lowers Bitcoin’s inflation rate. The orange line is Bitcoin’s inflation rate during a given period, while the blue line is the total number of bitcoins issued.
Bitcoin Halving Schedule
The Bitcoin halving is scheduled in block height, not date.
The halving happens every 210,000 blocks. The 2028 halving will happen on block 1,050,000.
What Happens to Miners During Halvings?
Many always speculate that miners will shut down after the halving. The reality is most miners are very smart and price in the halving, so they don’t end up shutting down any miners.
When is the 2028 Bitcoin Halving?
The 2028 halving will likely occur in March or April 2028. There is a small chance it will happen in either February or May. Our most updated estimate is displayed at the top of this page.
Bitcoin Halving Dates History
This section will take a look at the previous three halvings.
2012 Halving
The 2012 block halving was the first halving and happened on November 28th, 2012. The halving block was mined by SlushPool by someone using a Radeon HD 5800 miner.
- New BTC Per Block Before: 50 BTC per block
- New BTC Per Block After: 25 BTC per block
- Price on Halving Day: $12.35
- Price 150 Days Later: $127.00
2016 Halving
The 2016 halving was Bitcoin’s second halving and occurred on July 9th, 2016.
- New BTC Per Block Before: 25 BTC per block
- New BTC Per Block After: 12.5 BTC per block
- Price on Halving Day: $650.63
- Price 150 Days Later: $758.81
2020 Halving
The 2020 halving was the third halving and occurred on May 11, 2020.
- New BTC Per Block Before: 12.5 BTC per block
- New BTC Per Block After: 6.25 BTC per block
- Price on Halving Day: $8,821.42
- Price 150 Days Later: $10,943.00
2024 Halving
The 2024 halving was the fourth halving and occurred on April 19, 2024.
- New BTC Per Block Before: 6.25 BTC per block
- New BTC Per Block After: 3.125 BTC per block
- Price on Halving Day: $64,968.87
Halving Calculator
2032 through 2060 Halving Date Estimates
We’ll adjust this based on block times, but as of now here are the estimates for the 2028 through 2060 Bitcoin halvings.
Halving Year Estimated Date (UTC) 2032 halving April 14, 2032 2036 halving April 18, 2036 2040 halving April 21, 2040 2044 halving April 25, 2044 2048 halving April 29, 2048 2052 halving May 2, 2052 2056 halving May 6, 2056 2060 halving May 10, 2060
Current Bitcoin Block Subsidy
The current Bitcoin block subsidy is 3.125 bitcoin per block. When block 1,050,000 is hit in 2028, the subsidy will drop to 1.5625 bitcoin (BTC) per block.
Bitcoin Halving Parties
There is a major Bitcoin halving party happening in El Salvador in April. Visit bitcoinhalvingparty.com for more info.
When Will All 21 Million Bitcoins be Mined?
All 21 million bitcoins (BTC) will be mined by 2140. But more than 98% will be mined by 2030.
What is the Bitcoin Clock?
The Bitcoin clock has been around since 2011. In 2018, the owner let the domain expire. We revamped the site and restored it to its original vision.
Is the Halving Necessary?
The halving is necessary. This is how Bitcoin controls its supply. Once the block subsidy expires, transaction fees will be paid to miners for securing the network.
Why Our Estimates Are the Most Accurate
Most of the other halving date estimators use 10-minute blocks to calculate the estimated halving date.
Blocks, however, have been mined at less than 10-minute intervals for almost all of Bitcoin’s history.
Our calculator uses live blockchain data to get the average block time for the past two months. We then use this block time (currently 9.85 minutes between blocks) to estimate the halving date.
