Crypto · Bitcoin · halvings
Bitcoin halvings
Every 210,000 blocks, about every four years, the reward for a new block is cut in half. The four halvings so far, the price around each of them and an estimate of the next one.
block 1,050,000 · about 523 days after November 7, 2026, at one block every 10.0 minutes
since April 20, 2024; 1.5625 BTC after the next halving
November 7, 2026; 74,993 blocks to the next halving
20,109,270 of 21,000,000 BTC
Every 210,000 blocksThe reward for mining a block started at 50 bitcoins and halves every 210,000 blocks, about every four years; it is 3.125 BTC now. The halvings so far: November 28, 2012; July 9, 2016; May 11, 2020; April 20, 2024.
A year after each halvingThe price stood at ×81.7 (2012), ×3.84 (2016), ×6.59 (2020), ×1.31 (2024) of its level on the halving day: higher every time so far, by very different amounts.
Four cycles are not a ruleThe halvings are known years in advance, much else moved the price in each cycle, and four cases are far too few to rely on. Past cycles do not predict the next one.
The next one: around April 2028At the last year's pace of 143.4 blocks a day, block 1,050,000 comes about April 13, 2028, and the reward falls to 1.5625 BTC. An estimate: a faster or slower pace moves it by days or weeks.
The halvings
Dates are the UTC timestamps of the blocks; the share mined is bitcoin's supply at the end of that day against the 21 million cap.
| Halving | Block | Date (UTC) | Reward, BTC per block | Price that day | Mined by then |
|---|---|---|---|---|---|
| First | 210,000 | November 28, 2012 | 50 → 25 | $12.33 | 50.0% |
| Second | 420,000 | July 9, 2016 | 25 → 12.5 | $652 | 75.0% |
| Third | 630,000 | May 11, 2020 | 12.5 → 6.25 | $8,592 | 87.5% |
| Fourth | 840,000 | April 20, 2024 | 6.25 → 3.125 | $64,908 | 93.8% |
| Fifthestimate | 1,050,000 | ≈ April 13, 2028 | 3.125 → 1.5625 | — | 96.9% |
Prices: the day's close in US dollars; with “After inflation” on, in October 2026 dollars. Data: Coin Metrics (CC BY-NC 4.0).
Price after each halving
Each line starts at 1 on its halving day: a value of 3 means the price had tripled since. Weekly closes, log scale.
| Halving | Price that day | +6 months | +1 year | +2 years | +3 years | Highest close in the cycle | Whole cycle |
|---|---|---|---|---|---|---|---|
| 2012 | $12.33 | ×10.5 | ×81.7 | ×30.6 | ×28.9 | ×92December 4, 2013 | ×53.9to July 8, 2016 |
| 2016 | $652 | ×1.39 | ×3.84 | ×10.2 | ×19.3 | ×30.1December 16, 2017 | ×13.4to May 10, 2020 |
| 2020 | $8,592 | ×1.78 | ×6.59 | ×3.35 | ×3.14 | ×8.51March 13, 2024 | ×7.42to April 19, 2024 |
| 2024 | $64,908 | ×1.05 | ×1.31 | ×1.17 | — | ×1.92October 6, 2025 | ×1.15so far, to November 8, 2026 |
Not a forecast: past cycles do not predict the next one.
How it is calculated
- Blocks and dates: block heights are the running total of Coin Metrics' daily block counts (BlkCnt). The halving dates are the UTC timestamps of blocks 210,000, 420,000, 630,000 and 840,000; the daily counts reach the first three on the same day, and block 840,000, mined at 00:09 UTC on April 20, 2024, one day earlier.
- Prices: Coin Metrics daily closes (PriceUSD) on the halving day and after it, in US dollars; after inflation, in today's dollars with US consumer prices (CPI).
- The next halving: the blocks still to come to 1,050,000, divided by the average number of blocks a day over the last 365 days. Blocks come faster when more mining power joins, until the difficulty adjusts, so the date is an estimate.
- Prices: Coin Metrics Community Network Data, metric PriceUSD — the reference rate at 00:00 UTC that ends each day, in nominal US dollars. Data: Coin Metrics (CC BY-NC 4.0).
- Not investment advice. Past returns, and past crashes, do not tell what will happen next.