The next Bitcoin halving countdown is estimated to occur around in 2024, approximately four years after the previous halving in 2020. According to our Bitcoin halving countdown, the current halving cycle is 90.43% complete and is predicted to happen on Friday Apr 19, 2024 at 04:04:11 AM UTC
What is a block halving?
Bitcoin halving is a significant event in the Bitcoin network where the reward for mining Bitcoin transactions is cut in half. This event occurs approximately every four years or after every 210,000 blocks are mined.
How many Bitcoin halvings have there been previously?
How does the Bitcoin block halving work?
Mining: Miners compete to add the next block to the Bitcoin blockchain by solving a complex mathematical problem using specialized hardware. This process produces a random 64-character output known as a “hash,” which completes the process and locks the block so it can’t be changed.
Block Reward: When miners successfully mine a block, they receive a certain number of bitcoins as a reward. This reward was initially set at 50 bitcoins per block when Bitcoin was first established.
Halving: The rate at which new Bitcoin is created decreases by half for every 210,000 blocks mined — roughly every four years. The first Bitcoin halving occurred in 2012 when the reward for mining a block was reduced from 50 to 25 bitcoins.
The halving event in 2016 reduced incentives to 12.5 bitcoins for each block mined, and as of May 11, 2020, each new block mined only generates 6.25 new bitcoins The next Bitcoin halving is expected to take place in April 2024.