Bitcoin halving: what it is, its history and its impact on miners
The halving is the moment when miners' reward for a new Bitcoin block is cut in half. It happens automatically every 210,000 blocks, i.e. roughly once every four years. The last halving took place on 20 April 2024 (from 6.25 to 3.125 BTC), and the next is expected around April 2028 at block 1,050,000.
How the halving works
The rule has been written directly into Bitcoin's code since its launch in 2009, and nobody has to “announce” it. At the beginning, a miner received 50 BTC per block. After every 210,000 blocks, the reward is halved, until it falls to zero around 2140. This guarantees that there will never be more than 21 million bitcoins.
Example: roughly 144 blocks are created per day. In 2009 that meant 7,200 new BTC a day, today it is 450 BTC, and after the 2028 halving it will be 225 BTC. Besides this reward (the so-called subsidy), miners also receive the fees from transactions in the block – the halving does not change those.
History of Bitcoin halvings
| Halving | Date | Block | Block reward | New BTC per day |
|---|---|---|---|---|
| 1st | 28 Nov 2012 | 210,000 | 50 → 25 BTC | 3,600 |
| 2nd | 9 Jul 2016 | 420,000 | 25 → 12.5 BTC | 1,800 |
| 3rd | 11 May 2020 | 630,000 | 12.5 → 6.25 BTC | 900 |
| 4th | 20 Apr 2024 | 840,000 | 6.25 → 3.125 BTC | 450 |
| 5th | around April 2028 (estimate) | 1,050,000 | 3.125 → 1.5625 BTC | 225 |
After the first three halvings, the price rose significantly over the following 12–18 months: from approximately USD 11 (November 2012) to USD 1,100 (November 2013), from USD 650 (July 2016) to almost USD 20,000 (December 2017), and from approximately USD 9,000 (May 2020) to USD 69,000 (November 2021). After the 2024 halving, Bitcoin broke through USD 111,861 in 2025. Past performance guarantees nothing, however – the price is also influenced by the economy, regulation and the behaviour of large investors.
What the halving means for miners
For miners, the halving is the most important event of the entire four-year cycle. Overnight, they receive half as many bitcoins for the same hashrate and the same electricity. Today 1 TH/s earns about 0,84 Kč a day. At the same price and difficulty, after the halving it would be only around CZK 0.42 plus fees.
The electricity price up to which a machine still pays off is also halved:
| Machine | Efficiency | Profitable up to (today) | Profitable up to (after halving, same exchange rate) |
|---|---|---|---|
| Antminer S23 Hyd 563 TH/s | 9.5 J/TH | CZK 3.68/kWh | CZK 1.84/kWh |
| Antminer S21++ 235 TH/s | 16 J/TH | CZK 2.19/kWh | CZK 1.09/kWh |
| Antminer S19k Pro 120 TH/s | 23 J/TH | CZK 1.52/kWh | CZK 0.76/kWh |
The table gives a practical rule: less efficient machines are the first to be switched off after the halving unless the BTC price rises in the meantime. Anyone buying a machine today should expect to recoup most of the investment by April 2028. After the halving, the best chances belong to the most efficient hardware and the cheapest electricity, for example in hosting. You will find current figures for individual models in our ASIC miner profitability overview.
Halving in other coins
Bitcoin's offshoots also have a halving, because they adopted its rules. Bitcoin Cash, Bitcoin SV and eCash all went through the halving in April 2024 at the same block 840,000, just a few days to two weeks earlier than Bitcoin. They are mined with the same SHA-256 machines – you will find a comparison in our article SHA-256 coins.
Related terms
- Bitcoin mining – how earnings are calculated and what affects them.
- ASIC miner – the only type of machine that mines Bitcoin today.
- Difficulty – adjusted every 2,016 blocks so that a block is created on average every 10 minutes.
What next
- Bitcoin miners – efficient machines with the best chance of earning even after the 2028 halving.
Sources
Frequently asked questions
When is the next Bitcoin halving?
Will Bitcoin get more expensive after the halving?
Does the halving affect transaction fees?
How many more halvings will there be?
This text was prepared with the help of AI. Facts, figures and procedures were checked by Yegor.
