A halving is a pre-programmed event in Bitcoin's protocol that cuts the block reward miners receive in half every 210,000 blocks, or roughly every four years.
When Bitcoin launched in 2009, miners earned 50 BTC for every block they successfully added to the blockchain. After the first halving in 2012, the reward dropped to 25 BTC. The second halving in 2016 reduced it to 12.5, and the third in 2020 brought it to 6.25. The most recent halving in April 2024 cut it to 3.125 BTC per block.
This schedule is hard-coded into Bitcoin's software. No person or organization can change it. The halvings will continue until all 21 million Bitcoin have been mined, which is estimated to happen around the year 2140. After that point, miners will earn revenue only from transaction fees.
The halving reduces the rate of new supply entering the market. If demand stays the same or grows while new supply shrinks, basic economics suggests upward price pressure. Historically, each halving has preceded significant bull runs, though the timing and magnitude vary.
Halvings are one of the most watched events in crypto because they directly change the economic incentives for miners and the rate of new coin issuance. Traders often position themselves ahead of halvings in anticipation of a supply shock. For long-term holders, the halving schedule reinforces Bitcoin's scarcity narrative: unlike fiat currencies, the supply curve is predictable and deflationary.
The BTC Network panel on the TerminalFeed dashboard tracks current block height, which you can use to estimate distance to the next halving. Our Bitcoin Mempool guide explains how block production and miner incentives tie together.