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 flow of new bitcoin is cut in half. It began at 50 coins per block in 2009. Today: 3.125. The schedule is written into rules every node enforces. It does not read the news. It does not take meetings. Around 2140, new coins stop entirely.
Why it matters
- The opposite of central banking: supply tightens on schedule, expands for no one.
- It pushes mining toward fees, away from new coins.
- The most-watched 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