Halving
A scheduled event in Bitcoin's protocol that cuts the block subsidy paid to miners in half every 210,000 blocks, roughly every four years.
Also called: Bitcoin halving, halvening
Bitcoin’s supply schedule is fixed in its code. The block subsidy started at 50 bitcoin and halves every 210,000 blocks, so new issuance declines over time toward a maximum supply of 21 million coins. The most recent halving, in April 2024, reduced the subsidy from 6.25 to 3.125 bitcoin per block. The next is expected around 2028, depending on block times.
Halvings slow the rate of new supply and directly cut miners’ revenue in bitcoin terms, which pressures less efficient operators and makes transaction fees a larger share of miner income over the long run. Market participants have historically associated halvings with bitcoin price cycles, but the relationship is debated and other drivers, such as ETF flows and macro conditions, now play a large role.
For allocators, halvings matter for bitcoin’s supply narrative and for miner economics. Example: after a halving, a miner producing 10 bitcoin a month at an unchanged hashrate share would expect about 5 a month, absent changes in fees or difficulty.
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Part of the BlockWest Glossary, plain-language definitions for markets, AI and digital assets. Educational content, not investment advice.