Cycle & value · 5 min read · Live · block schedule

The Bitcoin halving, explained

One-minute answer: A Bitcoin halving cuts the new BTC paid to miners for each block in half. It happens every 210,000 blocks, roughly every four years. It reduces new supply; it does not directly set the market price.

What it actually means

Miners receive newly created Bitcoin when they add a valid block. Every 210,000 blocks, that block subsidy is cut in half. The 2024 halving reduced it from 6.25 BTC to 3.125 BTC per block.

The halving changes the flow of new coins, not the existing supply. Demand, liquidity, leverage and the wider economy still decide the price people are willing to pay.

What to look for

Halving date — The block where the subsidy changed. It is a network event, not a price target.
Era — The period between one halving and the next.
Days since halving — A way to compare where different eras stood after the same supply event.
Next-halving estimate — An estimate from current block production. It moves because ten minutes per block is an average.

Worked example

At 3.125 BTC per block and about 144 blocks per day, miners create roughly 450 BTC daily before fees. The next halving cuts the block subsidy again, but it does not guarantee a specific percentage price move.

What this cannot tell you

There have been only a few completed halvings, too few for a reliable statistical law about price.
Markets can price in a known event before it happens.
Comparing eras ignores major differences in regulation, adoption, liquidity and the global economy.

Data source

Bitcoin's fixed 210,000-block subsidy schedule and market-price history.

Open Halving-Colored Price — Bitcoin price history coloured by each completed halving era.