> For the complete documentation index, see [llms.txt](https://docs.leather.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.leather.io/learn/bitcoin-halving.md).

# What is Bitcoin Halving?

A Bitcoin halving cuts the new bitcoin per block in half every 210,000 blocks, about every four years. How it works and when the next one is.

A Bitcoin halving cuts in half the new bitcoin (the block subsidy) a miner earns for each block. It happens every 210,000 blocks, about every four years. The schedule caps total supply at 21 million bitcoin.

## How it works

The rule is part of the software every Bitcoin node runs. A block whose subsidy is too high is invalid.

| Blocks               | Subsidy per block | Halving          |
| -------------------- | ----------------- | ---------------- |
| 0 to 209,999         | 50 BTC            | Start, 2009      |
| 210,000 to 419,999   | 25 BTC            | 2012             |
| 420,000 to 629,999   | 12.5 BTC          | 2016             |
| 630,000 to 839,999   | 6.25 BTC          | 2020             |
| 840,000 to 1,049,999 | 3.125 BTC         | April 2024       |
| From 1,050,000       | 1.5625 BTC        | Expected in 2028 |

The subsidy keeps halving until it reaches zero, around the year 2140. After that, miners earn only transaction fees.

## What it affects

* **Miners:** their income from the subsidy halves overnight. Miners with higher costs can be forced to stop. Fees become a larger part of their income.
* **Supply:** fewer new bitcoin enter the market each day.
* **Price:** a halving reduces new supply, but price also depends on demand. Past halvings do not predict future prices.

See [Bitcoin Transaction Fees](/learn/bitcoin-transaction-fee.md).