The next halving
78,370 blocks to go. At the usual pace, block 1,050,000 arrives between March and April 2028, and the new bitcoin per block drops from 3.125 to 1.5625 BTC.
78,370blocks to go
3.125→1.5625 BTC
What changes
Miners get half as many new coins for each block. Their costs don't halve, so the least efficient machines stop paying their way.
Fees matter more. They are the other half of a miner's pay, and with each halving a bigger share of it.
New supply slows. More than 20 million of the 21 million bitcoin already exist; each halving makes the rest arrive more slowly. The halving, in a few words
Every halving so far
Questions
Every 210,000 blocks, the number of new bitcoin a miner gets for finding a block is cut in half. It is written into the rules every node checks, so no one can skip it or bring it forward.
Blocks come about every 10 minutes, and 210,000 blocks at 10 minutes each is just under four years. Blocks have come a little faster than that on average, so halvings have arrived a few months early.
The new coins run out around the year 2140, at block 6,930,000, when the reward drops below one satoshi, the smallest unit. By then miners are paid by fees alone.
Nothing. The halving only changes how many new coins each block creates. Coins that exist keep their value in bitcoin, and transactions work exactly as before.
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