Halving Report
    Halving History

    Halving Visualizer

    Bitcoin's supply schedule, visualized. Every halving cuts the block reward in half.

    20092012201620202024~2028015304560

    Projected next halving

    Roughly every four years (210,000 blocks), the reward for mining a Bitcoin block is cut in half. This steadily reduces the rate of new supply.

    1st Halving

    November 28, 2012

    Reward: 25 BTCPrice: ~$12

    2nd Halving

    July 9, 2016

    Reward: 12.5 BTCPrice: ~$650▲ +5,317%

    3rd Halving

    May 11, 2020

    Reward: 6.25 BTCPrice: ~$8,750▲ +1,246%

    4th Halving

    April 20, 2024

    Reward: 3.125 BTCPrice: ~$63,500▲ +626%

    5th Halving

    Projected

    April 15, 2028

    Reward: 1.5625 BTC

    What is the Bitcoin halving cycle?

    Every 210,000 blocks — roughly every four years — the Bitcoin protocol automatically cuts the block reward in half. This event is called the halving. It reduces the rate at which new Bitcoin enters circulation, making each halving a deflationary shock to supply. The fixed schedule is enforced by code, not by any central authority.

    Halving history and price performance

    The first halving in November 2012 dropped the reward from 50 to 25 BTC. The 2016 halving brought it to 12.5 BTC, the 2020 halving to 6.25 BTC, and the 2024 halving to 3.125 BTC. Each halving has historically preceded a significant bull market in the 12–18 months that followed, though past performance is not a guarantee of future results.

    When will all Bitcoin be mined?

    Bitcoin's last halving will occur around the year 2140, when the block reward approaches zero. By that point roughly 21 million BTC will be in circulation. After that, miners will be compensated exclusively by transaction fees. The fixed supply is one of Bitcoin's core properties — no government or entity can inflate it.