Halving
The scheduled event that cuts the reward paid to bitcoin miners in half, tightening new supply.
Roughly every four years — every 210,000 blocks — Bitcoin halves the reward miners earn for adding a block. It started at 50 BTC in 2009 and dropped to 3.125 BTC after the April 2024 halving.
The halvings continue until around 2140, when the last fraction of the 21 million cap is mined. Because they slow the issuance of new coins, halvings are watched as supply shocks, and bull markets have historically followed them — though that pattern is not a guarantee.
Related terms
New coins plus fees paid to whoever adds the next valid block, the main incentive securing the chain.
MiningThe process of competing with computing power to add new blocks and mint fresh coins under proof of work.
MinerA participant who spends computing power to solve proof-of-work puzzles and earn the right to add a block.
Max SupplyThe hard ceiling on how many units of a coin can ever exist, fixed by the protocol's rules.