Every four years, Bitcoin’s block reward is cut in half in an event called the halving. This scheduled supply reduction is hardcoded into Bitcoin’s protocol and is widely considered the most important structural force in Bitcoin’s price history. The dashboard below tracks the current halving epoch, the number of days since the most recent halving, the current cycle return relative to the halving price, and how this bitcoin halving cycles compares to all four previous epochs.
The Bitcoin halving is a core feature of Bitcoin’s monetary policy, reducing the block reward by 50% approximately every four years. Learn more about Bitcoin halving on Bitcoin.org.
What Is a Bitcoin Halving?
When Satoshi Nakamoto launched Bitcoin in January 2009, miners received 50 BTC for every block they added to the blockchain. That reward has been cut in half four times since: to 25 BTC in November 2012, to 12.5 BTC in July 2016, to 6.25 BTC in May 2020, and most recently to 3.125 BTC in April 2024. The next halving — reducing the reward to 1.5625 BTC — is expected around 2028.
The purpose of the halving is supply control. Bitcoin’s protocol limits the total supply to 21 million coins. By systematically reducing the rate at which new coins are created, the halving makes Bitcoin progressively scarcer over time. Unlike traditional currencies, where central banks can increase the money supply at will, no one can change Bitcoin’s halving schedule.
The Five Halving Epochs
Bitcoin’s history is divided into epochs defined by the current block reward. Epoch 1 ran from Bitcoin’s launch in 2009 through the first halving in November 2012, when miners earned 50 BTC per block. Epoch 2 ran from 2012 to the second halving in July 2016 at 25 BTC per block. Epoch 3 covered 2016 to May 2020 at 12.5 BTC. Epoch 4 ran from May 2020 to April 2024 at 6.25 BTC. We are currently in Epoch 5, which began in April 2024 at 3.125 BTC per block.
Each epoch has produced a higher Bitcoin price peak than the previous one. Each bear market low has also been higher than the previous cycle’s peak, meaning long-term holders have never experienced a complete cycle that left them worse off than the prior cycle’s top.
Why Halvings Affect Bitcoin’s Price
The halving reduces the daily supply of new Bitcoin entering circulation by 50% overnight. If demand stays constant while supply drops, basic economics suggests price should rise. Historically, the Bitcoin market has reflected this dynamic, with the most significant price appreciation occurring in the 12 to 18 months following each halving.
Miners are the most immediately affected participants. Their revenue is cut in half at the halving while their costs — electricity, hardware, infrastructure — remain unchanged. Inefficient miners shut down, temporarily reducing network hashrate. The difficulty adjustment, which recalibrates every 2,016 blocks, then restores equilibrium.
Bitcoin Halving Cycles FAQs
When was the last Bitcoin halving? The most recent Bitcoin halving occurred in April 2024, reducing the block reward from 6.25 BTC to 3.125 BTC. This marked the beginning of Epoch 5.
When is the next Bitcoin halving? The next Bitcoin halving is expected around 2028, when the block reward will be reduced from 3.125 BTC to 1.5625 BTC. The exact date depends on the pace of block production, which averages approximately one block every 10 minutes.
How many Bitcoin halvings have there been? There have been four Bitcoin halvings: November 2012, July 2016, May 2020, and April 2024. The halving will continue approximately every four years until all 21 million Bitcoin have been mined, expected around the year 2140.
What is a Bitcoin halving epoch? A Bitcoin halving epoch is the period between two halvings, defined by the block reward at the time. We are currently in Epoch 5, which began with the April 2024 halving and will end at the next halving around 2028.
Bitcoin Halving cycles don’t tell the whole story. Pair this data with the Bitcoin miner signals dashboard
— particularly the Puell Multiple — to understand how miner economics evolve through each cycle. You can also track real-time price action against moving averages on the Bitcoin price dashboard,
or explore what a historical investment would be worth today with our What If Calculator.