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Bitcoin Halving Calculator
Every 210,000 blocks (~4 years), Bitcoin’s block reward is cut in half — permanently reducing the rate of new supply. Track the countdown to the next halving, explore the historical price impact of past halvings, and calculate projected mining rewards.
Bitcoin has a fixed supply of 21 million coins. The halving is the mechanism that enforces that scarcity — and every halving has historically been followed by significant price appreciation.
Bitcoin Halving Calculator
Halving #5 • Est. 2028
~0 days until next halving
Mining Profitability
Post-Halving Mining Profitability
| Scenario | BTC Price | Daily Revenue | Daily Profit |
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Halving History & Price Impact
| # | Date | Block | Reward | Price At | Price 1yr After | Gain |
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Bitcoin Supply Schedule
| Halving | Est. Year | Reward (BTC) | New Supply/yr | Total Supply | % of Max |
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"The halving is one of the most predictable events in all of finance — the exact block is known years in advance. The price impact, however, is anything but predictable."
— Bitcoin Market Observation
What is the Bitcoin halving?
Bitcoin’s block reward is the new BTC issued to miners who successfully add a block to the blockchain. Satoshi Nakamoto hardcoded a rule into Bitcoin’s protocol: every 210,000 blocks (approximately every four years), the block reward is cut in half. This “halving” continues until the reward reaches zero, which will happen around 2140. The maximum supply of 21 million BTC is a mathematical consequence of this halving schedule.
At the first halving in 2012, the reward dropped from 50 BTC to 25 BTC per block. At the most recent halving in April 2024, it dropped from 6.25 to 3.125 BTC. After the next halving (~2028), miners will earn 1.5625 BTC per block.
The halving matters for price because it directly reduces the rate of new supply. If demand stays constant and new supply is cut in half, basic economics suggests prices should rise. The three halvings to date have each been followed by significant bull markets, though the timing and magnitude have varied considerably.
lightbulb Halving Quick Facts
| Fact | Value |
|---|---|
| Total Bitcoin supply | 21,000,000 BTC |
| Currently mined | ~19,850,000 BTC (94.5%) |
| Remaining to mine | ~1,150,000 BTC (5.5%) |
| Current block reward | 3.125 BTC |
| Blocks per day | ~144 |
| New BTC per day | ~450 BTC |
| Next halving (est.) | April 2028 |
| Reward after halving | 1.5625 BTC |
| Last BTC mined | ~2140 |
Bitcoin Halving FAQs
Does the halving always cause the price to rise?
All three completed halvings have been followed by significant bull markets, but the timing has varied. The 2012 halving was followed by a bull run over the next 13 months. The 2016 halving preceded the 2017 bull run by about 12–18 months. The 2020 halving was followed by the 2021 bull market within 12 months. However, past halvings are not a guarantee of future performance, and each cycle has involved different market dynamics, institutional participation, and regulatory environments.
What happens to miners after the halving?
Miners’ revenue per block is cut in half overnight (in Bitcoin terms). In dollar terms, the impact depends on price. If the BTC price doubles after the halving, miners’ dollar revenue stays the same. If the price doesn’t rise, less efficient miners may become unprofitable and shut off equipment, reducing network hash rate until difficulty adjusts downward — a self-correcting mechanism built into Bitcoin’s protocol.
When exactly is the next halving?
The halving occurs at block 1,050,000. With roughly 144 blocks per day at 10-minute block times, you can estimate the date by calculating blocks remaining and dividing by 144. The estimate shifts as block times vary — in recent years, blocks have averaged slightly under 10 minutes due to rising hash rate, which means halvings have arrived slightly earlier than the exact 4-year estimate.
Terminology
Block Reward
The amount of newly created Bitcoin awarded to the miner who successfully mines each block. Currently 3.125 BTC per block. This subsidy supplements transaction fees as miner compensation and will eventually reach zero around 2140, after which miners will be paid solely from transaction fees.
Hash Rate
A measure of computing power being applied to Bitcoin mining, expressed in terahashes per second (TH/s) for individual miners or exahashes per second (EH/s) for the network. Higher hash rate means more security and more competition for block rewards.
Mining Difficulty
An automatically adjusting parameter that controls how hard it is to mine a block. Every 2,016 blocks (~2 weeks), Bitcoin adjusts difficulty to maintain the 10-minute target block time regardless of total network hash rate. Difficulty goes up when hash rate rises and down when hash rate falls.
Stock-to-Flow (S2F)
A model that measures scarcity by dividing existing supply (stock) by new annual production (flow). The halving doubles Bitcoin’s stock-to-flow ratio by cutting the flow in half. Gold has a stock-to-flow of ~60; after the 2024 halving, Bitcoin’s S2F exceeded gold’s for the first time.
Difficulty Adjustment
After a halving, if BTC price doesn’t rise and some miners shut off, the hash rate drops. Bitcoin’s difficulty automatically adjusts downward every ~2 weeks, making it easier (and cheaper) to mine, allowing remaining miners to return to profitability. This is one of Bitcoin’s most elegant self-stabilizing mechanisms.
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