What is the Bitcoin halving? What changes every four years

The halving in plain words

Miners earn new bitcoin as a reward for each new block. Bitcoin's rules say this reward is cut in half every 210,000 blocks, roughly every four years. That event is the halving.

The result is that new bitcoin is created ever more slowly, and the total supply never exceeds 21 million.

Past halvings

The last bitcoin is expected to be mined around the year 2140. After that, miners will earn only transaction fees.

Why people say it matters

• Less new supply: if demand stays the same, a smaller flow of new coins could support the price, the argument goes.
• Miners' income halves: higher-cost miners may shut down, and the network adjusts the puzzle difficulty automatically.
• Attention: media and social-media buzz rises around each halving.

Common misconceptions

"The halving is coming, buy now and multiply your money" is a pitch scammers love. A handful of past cycles cannot guarantee the future, and everyone knows about the halving in advance.

The halving is a pre-programmed technical rule, not a price guarantee. To understand price swings, read why crypto prices are so volatile.

Key points

• Roughly every four years the miners' reward halves; the most recent was in April 2024.
• New bitcoin supply falls, but higher prices are not guaranteed.
• Avoid "guaranteed profit" offers built around the halving.