Halving
The halving of the bitcoin mining reward, every 210,000 blocks, roughly every four years.
3.125 BTC
Current reward
about 450 BTC
Issuance per day
21 million
Maximum supply
Monetary policy written in code
Every 210,000 blocks, roughly every four years, the reward paid to bitcoin miners is halved. It has gone from 50 bitcoins per block in 2009 to 3.125 since April 2024. This rule makes supply converge towards its 21 million cap, to be reached around 2140.
Each halving cuts daily issuance: about 450 bitcoins a day today (144 blocks x 3.125). Miners see their bitcoin revenue halved overnight; the least efficient stop mining.
The next halving is expected around 2028, at 1.5625 BTC per block.
Actual protocol schedule. Solid: reward per block. Dashed: bitcoins issued (the top of the scale is 21 million).
Common mistakes
- Believing a halving mechanically lifts the price: it is known years ahead, and demand decides.
Questions and answers
What happens when all bitcoins are issued?
Miners will be paid only by transaction fees. Network security will then depend on how high those fees are.
Notitia newsroom · education, not investment advice.