What is the Bitcoin halving?
The halving is the cut of Bitcoin's block subsidy by half, which happens every 210,000 blocks, about every four years.
How it works
The subsidy began at 50 BTC in 2009 and fell to 25, 12.5, 6.25 and then 3.125 BTC in April 2024. The next halving, at block 1,050,000, takes it to 1.5625 BTC. The schedule is fixed in the protocol and ends when the subsidy rounds down to zero.
Why it matters
A halving cuts the largest part of a miner's revenue overnight while costs stay the same. Machines that were marginal before it are unprofitable after it unless the price or fees make up the difference.
Live figures: Halving countdown.
Related terms
All terms: the Bitcoin mining glossary.
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