Notitia
The programmed supply cut.
Roughly every four years, the reward paid to Bitcoin miners is cut in half. This slows the creation of new bitcoins toward the 21-million cap.
The halving reinforces programmed scarcity and has historically preceded bull cycles - but correlation isn't causation, and miners must adapt to lower revenue.
The April 2024 halving cut the block reward from 6.25 to 3.125 BTC. What happens to total daily miner revenue?
Test your understanding with a quick interactive quiz.
At a constant price, miner revenue roughly halves: the least efficient miners switch off and difficulty adjusts. A pro watches the cost of production per BTC and the fee share, not just the price.