Short answer: The Bitcoin halving is an event, roughly every four years, that cuts in half the number of new bitcoin created per block. It is how Bitcoin slowly tightens its supply on the way to the 21 million cap. The most recent halving was in April 2024, which set the reward at 3.125 bitcoin per block, and the next one is expected around 2028, when it will drop to 1.5625.
The halving is one of the most important events in Bitcoin, and understanding it explains a lot about why bitcoiners think the way they do.
How does the Bitcoin halving work?
The halving works by cutting the block reward in half at fixed intervals. New bitcoin enters the world as a reward paid to miners for adding a block to the chain, and every 210,000 blocks, which works out to roughly four years, that reward is halved. It started at 50 bitcoin per block in 2009, then 25, then 12.5, then 6.25, and after April 2024 it is 3.125. Each halving slows the creation of new coins on a schedule everyone can see in advance.
Why does the halving matter?
The halving matters because it makes Bitcoin's supply predictably scarce. Ordinary money can be created faster whenever authorities choose, but Bitcoin does the opposite: the new supply automatically slows over time, with no committee and no discretion. This steady tightening toward the 21 million cap is central to the argument that Bitcoin is a long-term store of value. It is also why halvings get so much attention, since a drop in new supply has historically drawn a lot of interest.
When is the next Bitcoin halving?
The next Bitcoin halving is expected around 2028. Because the schedule is based on block count rather than the calendar, the exact date shifts a little depending on how fast blocks are found, but it lands roughly every four years. After the next halving, the block reward will fall from 3.125 to 1.5625 bitcoin, and the halvings continue like that until the last new bitcoin is mined around the year 2140.
Why do bitcoiners celebrate the halving?
Bitcoiners celebrate the halving because it is a rare, scheduled milestone that shows the system working exactly as designed. It is a moment to appreciate that Bitcoin's monetary policy is fixed and unfolding on time, block by block, no matter what is happening in the wider world. It has become a cultural event as much as a technical one, complete with countdowns, parties, and, of course, merch.
Halving milestones are a favorite theme for Bitcoin designs. At 21rebel we turn moments like this into Bitcoin shirts and merch on organic cotton, payable in Bitcoin and Lightning.
The event has its own designs in the Halving collection, and the number it works towards in 21 Million.
FAQ
What is the Bitcoin halving?
It is an event about every four years that cuts the reward for mining a block in half, slowing the creation of new bitcoin on the way to the 21 million cap.
When is the next halving?
It is expected around 2028. The exact date depends on block count, so it moves slightly, but it happens roughly every four years.
What is the current block reward?
Since the April 2024 halving, the reward is 3.125 bitcoin per block. The next halving will cut it to 1.5625.
When will the last bitcoin be mined?
Around the year 2140, after which no new bitcoin are created and miners are paid through transaction fees.
