The halving
Every four years, the flow of new bitcoin is cut in half. Permanently.
In plain words
Every 210,000 blocks — about four years — the amount of new bitcoin created in each block is cut in half. It started at 50 coins in 2009. Since 2024 it's 3.125. The schedule is locked into the rules every node enforces, so it happens on time no matter what the price or the news is doing. Around 2140, new coins stop entirely.
Why it matters
- The opposite of central banking: supply tightens on schedule, never expands on demand.
- Pushes mining to be paid by fees over time, not new coins.
- The most-watched recurring event on Bitcoin's calendar.
Numbers that matter
- 50 → 25 → 12.5 → 6.25 → 3.125 — the reward so far, 2009–2024.
- 210,000 blocks — the interval, about four years.
- ~2028 — the next one.
Go deeper
Updated 2026-07-29