[{"data":1,"prerenderedAt":332},["ShallowReactive",2],{"api/learn-center-post-en-GB-what-is-a-bitcoin-halving":3,"en-gb/learn/crypto-101/what-is-a-bitcoin-halving-en-GB-seo":63,"footer-en-GB":68,"navigation-en-GB-learn-center":241,"api/learn-categories-en-GB":292},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":45,"title":5,"formattedPublishedAt":56,"geofencings":57,"category":58,"pagination":60,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What is a Bitcoin halving?","What is a Bitcoin Halving? - Crypto 101","A Bitcoin halving is an event that takes place approximately every four years when newly minted BTC paid as mining rewards are reduced by half.  ",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/What_are_Bitcoin_halvings_1png_42f2d043fb_9aff60d942.png","image/png",".png",900,450,"What_are_Bitcoin_halvings_1png_42f2d043fb.png","",[],[20,23,26],{"pathname":21,"locale":22},"/learn/crypto-101/what-is-a-bitcoin-halving/","en",{"pathname":24,"locale":25},"/es/learn/crypto-101/what-is-a-bitcoin-halving/","es",{"pathname":27,"locale":28},"/en-gb/learn/crypto-101/what-is-a-bitcoin-halving/","en-GB",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/crypto-101/","Crypto 101",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-is-a-bitcoin-halving",false,"\u003Cp>\u003Cstrong>A Bitcoin halving is an event that takes place approximately every four years when newly minted BTC paid as mining rewards are reduced by half. The halving is a critical component of Bitcoin’s economic model, while the impact of each halving event has proven to be significant for the broader cryptocurrency markets.\u003C/strong>\u003C/p>\n",{"url":39,"mime":40,"ext":41,"width":42,"height":43,"name":44,"alt":17},"bitstampImageUrl/What_are_Bitcoin_halvings_svg_849313157e_0e8e05ea0b.svg","image/svg+xml",".svg",1920,1080,"What_are_Bitcoin_halvings_svg_849313157e.svg",[46],{"component":47,"props":48,"content":49,"secondaryContent":53,"ctas":54,"secondaryCtas":55,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":50,"width":51,"align":52},"\u003Cp>\u003Cstrong>A Bitcoin halving is an event that takes place approximately every four years when newly minted BTC paid as mining rewards are reduced by half. The halving is a critical component of Bitcoin’s economic model, while the impact of each halving event has proven to be significant for the broader cryptocurrency markets.\u003C/strong>\u003C/p>\n\u003Cp>The source code for the \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-bitcoin-btc/\">Bitcoin\u003C/a> protocol, originally written by \u003Ca href=\"/en-gb/learn/people-profiles/satoshi-nakamoto/\">Satoshi Nakamoto\u003C/a>, governs the supply of new BTC. The only way new BTC can be created is through \u003Ca href=\"/en-gb/learn/crypto-101/what-is-crypto-mining/\">mining\u003C/a> rewards, which will be cut by half every 210,000 blocks (or approximately every four years based on an average block time of 10 minutes). After 64 of these halving events, no more new BTC will be issued.\u003C/p>\n\u003Cp>These rules effectively cap the supply of BTC at 21 million, with the rate of issuance slowing over time. At the time of the Bitcoin genesis block on January 3, 2009, the mining reward was set at 50 BTC. The table below shows an overview of the first five halvings.\u003C/p>\n\u003Cp>Halving number \u003C/p>\n\u003Cp>Block height \u003C/p>\n\u003Cp>Date of halving \u003C/p>\n\u003Cp>New block reward \u003C/p>\n\u003Cp>1 \u003C/p>\n\u003Cp>210,000 \u003C/p>\n\u003Cp>November 28, 2012 \u003C/p>\n\u003Cp>25 \u003C/p>\n\u003Cp>2 \u003C/p>\n\u003Cp>420,000 \u003C/p>\n\u003Cp>July 9, 2016 \u003C/p>\n\u003Cp>12.5 \u003C/p>\n\u003Cp>3 \u003C/p>\n\u003Cp>630,000 \u003C/p>\n\u003Cp>May 11, 2020 \u003C/p>\n\u003Cp>6.25 \u003C/p>\n\u003Cp>4 \u003C/p>\n\u003Cp>840,000 \u003C/p>\n\u003Cp>2024 (anticipated in April*) \u003C/p>\n\u003Cp>3.125 \u003C/p>\n\u003Cp>5 \u003C/p>\n\u003Cp>1,050,000 \u003C/p>\n\u003Cp>Due in 2028 \u003C/p>\n\u003Cp>1.5625 \u003C/p>\n\u003Cp>etc \u003C/p>\n\u003Cp>etc \u003C/p>\n\u003Cp>*Based on the current mining rate for new blocks, the fourth Bitcoin halving will happen in late April 2024 when the block height reaches 840,000 blocks. However, the date may be variable since it depends on network factors such as hash rate, which can affect the exact block production time.\u003C/p>\n\u003Cp>Thereafter, there will be a halving approximately every four years, until there has been a total of 64 halvings.\u003C/p>\n\u003Ch2>What happens when there are no BTC left to mine?\u003C/h2>\n\u003Cp>Currently, miners earn a reward consisting of these newly minted bitcoins in addition to transaction fees paid by users. By the year 2140, following the 64th halving, there will be no new BTC left to mine, meaning that the whole reward will consist of transaction fees. The implications for the Bitcoin network cannot be known for certain. After all, miners participate in Bitcoin mining for rewards, and miners also play a vital role in securing the Bitcoin network through the \u003Ca href=\"/en-gb/learn/crypto-101/what-is-proof-of-work-pow/\">proof-of-work\u003C/a> consensus. Consequently, a lack of newly issued BTC may have adverse implications for the network’s security.\u003C/p>\n\u003Cp>However, assuming there is still demand for Bitcoin by that time, then it’s plausible that users will be prepared to pay increased \u003Ca href=\"/en-gb/learn/blockchain/how-are-btc-transaction-fees-determined/\">transaction fees\u003C/a> to offset block reward decreases. In this scenario, mining could remain profitable and attractive enough to incentivize miners to keep the network secure.\u003C/p>\n\u003Ch2>Why does Bitcoin undergo halvings?\u003C/h2>\n\u003Cp>The most straightforward explanation for the halving is that it makes Bitcoin an asset with a disinflationary supply. The halving leverages the economic principles of supply and demand, assuming that over time, more people will become aware of Bitcoin, so demand will go up. At the same time, the slowing rate of supply will push prices up since there are fewer new BTC being minted to meet the demand.\u003C/p>\n\u003Cp>While halvings are correlated with a rising BTC price (explored below), it’s not clear whether market forces were the primary driver for Satoshi’s making Bitcoin a deflationary asset. Satoshi coded a message into the Bitcoin genesis block, which reads “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” referring to the news headline and events of the day.\u003C/p>\n\u003Cp>We can only speculate on Satoshi’s intentions based on clues left in communications and the Bitcoin white paper, but it’s reasonable to assume that Bitcoin was designed to exclude the possibility of supply manipulation and its potential impact on \u003Ca href=\"/en-gb/learn/crypto-trading/what-is-inflation/\">inflation\u003C/a>.\u003C/p>\n\u003Ch2>Halving impact on BTC price\u003C/h2>\n\u003Cp>It’s impossible to say with any certainty that Bitcoin’s halvings impact on its price. However, based on historical price movements, many analysts believe that the halvings are linked to four-year cycles that influence the market value of BTC.\u003C/p>\n\u003Cp>The table below shows an overview of BTC price movements throughout the previous three halvings cycles.\u003C/p>\n\u003Cp>Halving period \u003C/p>\n\u003Cp>BTC $ at halving \u003C/p>\n\u003Cp>BTC $ at cycle high \u003C/p>\n\u003Cp>Date of cycle high \u003C/p>\n\u003Cp>% increase \u003C/p>\n\u003Cp>Nov 2012–Jul 2016 \u003C/p>\n\u003Cp>$12.40 \u003C/p>\n\u003Cp>$1,127 \u003C/p>\n\u003Cp>November 30, 2013 \u003C/p>\n\u003Cp>8,988% \u003C/p>\n\u003Cp>Jul 2016–May 2020 \u003C/p>\n\u003Cp>$653 \u003C/p>\n\u003Cp>$19,665 \u003C/p>\n\u003Cp>December 16, 2017 \u003C/p>\n\u003Cp>2,911% \u003C/p>\n\u003Cp>May 2020–April 2024* \u003C/p>\n\u003Cp>$8,752 \u003C/p>\n\u003Cp>$69,044 \u003C/p>\n\u003Cp>November 10, 2021 \u003C/p>\n\u003Cp>689% \u003C/p>\n\u003Cp>*The cycle high is correct as of the time of publication in December 2023.\u003C/p>\n\u003Cp>**Prices based on Coingecko\u003C/p>\n\u003Cp>The dramatic increases in price between halvings and cycle highs may be diminishing, but the historical patterns are enough to provoke significant excitement about the potential impact of the next halving on BTC prices.\u003C/p>\n\u003Ch2>Why don’t all cryptos have halvings?\u003C/h2>\n\u003Cp>Some cryptocurrencies, particularly older proof-of-work currencies like \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-litecoin-ltc/\">Litecoin\u003C/a> or currencies \u003Ca href=\"/en-gb/learn/crypto-101/exploring-bitcoin-forks/\">forked\u003C/a> from Bitcoin like \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-bitcoin-cash-bch/\">Bitcoin Cash\u003C/a>, undergo their own halvings. However, a halving is now only one of many economic levers that blockchain developers can use to create \u003Ca href=\"/en-gb/learn/crypto-trading/inflationary-vs-deflationary-currencies/\">inflation or deflation\u003C/a> in their tokens.\u003C/p>\n\u003Cp>For example, \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-ethereum-eth/\">Ethereum’s\u003C/a> London hard fork in August 2021 changed the fee model to burn a portion of \u003Ca href=\"/en-gb/learn/blockchain/what-is-ethereum-gas/\">gas\u003C/a> fees, thus introducing a brand-new mechanism where supply inflation or deflation is affected by gas fee levels which fundamentally changed the overall ETH economic model. Other projects may mint new currencies without a cap on supply, operate burning events to reduce supply or introduce other mechanisms designed to control inflation.\u003C/p>\n\u003Cp>The many variables involved with tokenomics are just one of the reasons why token holders should thoroughly investigate a project prior to buying any tokens.\u003C/p>\n\u003Ch2>Halving parties\u003C/h2>\n\u003Cp>Halvings are an important event in the cryptocurrency calendar. Like \u003Ca href=\"/en-gb/learn/crypto-101/bitcoin-pizza-day/\">Bitcoin Pizza Day\u003C/a>, many Bitcoin communities choose to mark the occasion with online or in-person “halving parties” where there is typically a countdown to the moment of the halving.\u003C/p>\n\u003Cp>Find parties by searching on Google or Reddit or by looking for hashtags like #halvingparty or #halvingcountdown on social media.\u003C/p>\n\u003Ch3>Bitcoin halving essentials\u003C/h3>\n\u003Cul>\n\u003Cli>A Bitcoin halving takes place every four years, reducing the supply of newly minted BTC paid in mining rewards by half.\u003C/li>\n\u003Cli>Halvings are hard-coded into the Bitcoin software as a way of controlling inflation.\u003C/li>\n\u003Cli>The historical impact of halvings on BTC prices leads to significant excitement about the start of a new price cycle.\u003C/li>\n\u003C/ul>\n","full","left",{"text":17},[],[],"July 29th, 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Kingdom",{},{},{"title":201,"content":17,"items":202},"Contact",[203,208,212,216,220,224,229,234],{"noFollow":36,"isExternal":36,"name":204,"value":205,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":206,"geofencings":207},"Customer 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20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":230,"value":231,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":232,"geofencings":233},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":235,"value":236,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":237,"geofencings":238},"+352 20 88 10 96","+35220881096",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"items":242,"ready":33,"platformButtonText":288,"backButtonText":289,"logInButtonText":290,"signUpButtonText":291},[243,248,254,257,261,266,271,274,279,284],{"headerName":244,"sidemenuName":125,"url":245,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":246,"submenu":247,"tag":17},"Institutions","/en-gb/institutional-trading/",{},[],{"headerName":249,"sidemenuName":249,"url":250,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":251,"submenu":252,"tag":253},"Derivatives","/perpetual-futures/",{},[],"NEW",{"headerName":140,"sidemenuName":140,"url":141,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":255,"submenu":256,"tag":17},{},[],{"headerName":258,"sidemenuName":258,"url":113,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":259,"submenu":260,"tag":17},"Mobile App",{},[],{"headerName":262,"sidemenuName":262,"url":263,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":264,"submenu":265,"tag":17},"Markets","/markets/",{},[],{"headerName":267,"sidemenuName":267,"url":268,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":269,"submenu":270,"tag":17},"Earn Stake","/en-gb/crypto-staking/",{},[],{"headerName":117,"sidemenuName":117,"url":118,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":272,"submenu":273,"tag":17},{},[],{"headerName":275,"sidemenuName":275,"url":276,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":277,"submenu":278,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":280,"sidemenuName":280,"url":281,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":282,"submenu":283,"tag":17},"Learn","/learn/",{},[],{"headerName":285,"sidemenuName":285,"url":113,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":286,"submenu":287,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[293,297,301,304,308,312,316,320,324,328],{"title":294,"url":295,"geofencings":296},"Blockchain technology","/en-gb/learn/blockchain/",{},{"title":298,"url":299,"geofencings":300},"Company profiles","/en-gb/learn/company-profiles/",{},{"title":32,"url":302,"geofencings":303},"/en-gb/learn/crypto-101/",{},{"title":305,"url":306,"geofencings":307},"Crypto definitions","/en-gb/learn/crypto-definitions/",{},{"title":309,"url":310,"geofencings":311},"Crypto trading","/en-gb/learn/crypto-trading/",{},{"title":313,"url":314,"geofencings":315},"Cryptocurrency guide","/en-gb/learn/cryptocurrency-guide/",{},{"title":317,"url":318,"geofencings":319},"People profiles","/en-gb/learn/people-profiles/",{},{"title":321,"url":322,"geofencings":323},"Security","/en-gb/learn/security/",{},{"title":325,"url":326,"geofencings":327},"Tutorials","/en-gb/learn/bitstamp-tutorials/",{},{"title":329,"url":330,"geofencings":331},"Web3","/en-gb/learn/web3/",{},1777532335081]