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Next Bitcoin Halving Dates in 2024 w/ Reward Amount

Every four years, the Bitcoin network experiences an event known as the “Halving.”

What is a Halving?…

Bitcoin halving is an event that takes place approximately every four years, reducing the reward given to Bitcoin miners for validating transactions and adding them to the blockchain. 

During a halving, the Bitcoin mining reward and the number of new Bitcoins are cut into half, slowing down the inflation rate and driving up the price of Bitcoin.

Since Bitcoin’s inception in 2009, three halving events have taken place. 

  • November 28, 2012 — Reward per block went from 50 BTC to 25 BTC

  • July 9, 2016 — Reward per block went from 25 BTC to 12.5 BTC

  • May 11, 2020 — Reward per block went from 12.5 BTC to 6.25 BTC

The next halving is slated to take place on April 15, 2024, and the block reward will fall from 6.25 BTC per mined block to 3.125 BTC per block.

In this article, we’ll go over the basics of Bitcoin halving, past halving events, the correlation between Bitcoin halving dates and price history, plus what the future holds for Bitcoin in the crypto market. 

Let’s get started. Shall we?

When is the next Bitcoin halving?

The next Bitcoin halving date is estimated to be on April 15, 2024.

What is Bitcoin halving?

Bitcoin halving is a pre-programmed event that occurs approximately every four years or after the mining of every 210,000 blocks. During a halving, the reward for mining a new block of Bitcoin is cut in half.

As of 2023, Bitcoin miners or network participants who successfully validate transactions are awarded 6.25 Bitcoins for each mined block.

Why do Bitcoins halve? What’s the significance of Bitcoin halving?

The halving of the block reward is a key feature of Bitcoin’s monetary policy, implemented to control the inflation rate, ensure the scarcity of the cryptocurrency, and increase its value over time.

Each Bitcoin halving event reduces the number of new Bitcoins produced per block, resulting in a lower supply. Bitcoin was created as a deflationary currency similar to gold. As it becomes scarcer and demand increases, the price will likely increase in line with supply and demand economics.

BTC halving will ultimately cap the total supply of Bitcoin at 21 million coins. This fixed supply is one of the fundamental characteristics that differentiate Bitcoin from traditional fiat currencies, which can face inflationary pressures due to central bank policies.

The fiat currencies lose value over time due to inflation caused by a growing monetary supply, resulting in reduced purchasing power. This phenomenon is called monetary debasement

This scarcity-driven price dynamics have historically played a role in Bitcoin’s price appreciation after each halving event. It’ll be interesting to see how future halvings will impact Bitcoin’s prices. 

Bitcoin Halving Dates History & Reward Amount

Here is a history of all the past Bitcoin halving dates since inception:

  • 1st Bitcoin halving date — November 28, 2012 — Reward down:  50BTC to 25BTC

  • 2nd Bitcoin halving date — July 9, 2016 — Reward down:  25BTC to 12.5BTC

  • 3rd Bitcoin halving date — May 11, 2020 Reward down:  12.5BTC to 6.25BTC

  • 4th Bitcoin halving date — April 15, 2024 (estimated)

Miners receive 50% less Bitcoin as a reward for their work.

Pre-halving period

Every four years the pre-halving period is a time of heightened anticipation and speculation within the community. As the halving approaches, investors and traders closely analyze historical patterns and market dynamics to anticipate potential price movements. Speculation runs high, with some believing that the halving will drive up the price due to reduced supply, while others argue that it is already priced in. 

During this period, there is often increased trading activity and volatility in the market as participants try to position themselves for potential gains. It becomes a time of excitement, as Bitcoin’s future trajectory are debated and closely monitored.

Bitcoin halving 2012 (first halving)

The first Bitcoin halving happened on November 28, 2012.

As we mentioned during a halving event, the number of new Bitcoins generated with each mined block is cut in half. 

Before the first halving on November 28, 2012 the block reward was set at 50 Bitcoins, after the event the reward was reduced to 25 Bitcoins per block. 

Slush Pool cryptocurrency mining software was the first to mine the block that marked the halving using a Radeon HD 5800 miner.

Here are the details of the exact block where the reward went from 50 BTC to 25 BTC.

  • Block number: 210,000

  • Block Reward: 25 BTC

  • BTC created per day: 3600 BTC

  • BTC price before the halving date: $12.35

  • Bitcoin price 1 year later: $964

Bitcoin halving 2016 (second halving)

The second halving occurred on July 9, 2016.

Prior to the halving, the new BTC per block was 25. It was reduced to 12.5 BTC per block.

  • Block number: 420,000

  • Block reward: 12.5 BTC

  • BTC created per day: 1800 BTC

  • BTC price before the halving date: $663

  • BTC price a year later: $2500

Bitcoin halving 2020 (third halving)

The third halving event occurred on May 11, 2020.

This last Bitcoin halving event reduced halving and cut the block reward from 12.5 BTC to 6.25 BTC.

  • Block number: 630,000

  • Block reward: 6.25 BTC

  • BTC created per day: 900 BTC

  • BTC price before the halving date: $8,500

  • BTC price after: Peaked to $64,000 over the next several months

Next Bitcoin halving date: April 2024

The fourth halving is estimated to occur at 840,000 based on the block time of around 10 minutes. It’ll bring the block reward down to 3.125 BTC.

  • Expected date: April 15, 2024

  • Block reward: Estimated to be 3.125 BTC

  • BTC created per day: Estimated to be 450 BTC

  • Total new Bitcoins: 656,250

Future Bitcoin halving dates

Given the current trajectory, Bitcoin halving is likely to repeat every four years (roughly) until the block reward becomes zero. It’s hard to say what the future price or reward trends will look like. Here’s a quick overview of the speculated next three halving events.

Here’s a quick recap of all the Bitcoin halving schedule (past and future) until 99% of the Bitcoins are mined.

What is a Bitcoin halving chart?

A Bitcoin halving chart refers to a graphical representation of the historical occurrences of Bitcoin halvings over time. 

A Bitcoin halving chart typically shows the timeline of halvings, marking the dates when they occurred. It may also include additional information such as the block height at which each halving took place and the corresponding block reward before and after the event. These charts are often used to analyze historical trends and track the impact of halving events on Bitcoin’s price and market dynamics.

The BTC price predictions are typically based on historical data and are subject to market fluctuations. The details of the future halving and its impact on the BTC price are speculative and cannot be predicted with certainty. Past performance isn’t indicative of future results.

When will all 21 million Bitcoins be mined?

The Bitcoin numbers and rewards halve each event. Based on the current Bitcoin halving cycle and schedule, 100% of all Bitcoin will be mined by 2041 (the word’s still out there). However, more than 98% of the total Bitcoin supply is expected to be mined by 2032.

How does Bitcoin halving work?

Bitcoin halving reduces the rate at which new bitcoins are created and introduced into circulation. The process is programmed into the Bitcoin protocol and controls the supply and demand of Bitcoins.

Bitcoin block reward: The Bitcoin network creates a reward for miners for validating transactions and adding new blocks to the blockchain. Block rewards are the primary incentive for miners to secure the network.

Halving schedule: The block reward is halved roughly every 210,000 blocks or four years. This interval controls creating new Bitcoins over time.

Reduction of block rewards: After every halving, miners receive 50% less Bitcoin as a reward for their work.

Scarcity and supply: Reducing the rate at which new bitcoins are circulated controls inflation and ensures that the total supply of bitcoins gradually approaches its 21 million coin limit.

How halving impacts miners

Miners use computational power to solve complex mathematical problems and secure the network. When the block reward is halved, miners get fewer Bitcoins for their efforts. This affects the profitability of mining operations as miners have to anticipate reduced block rewards and adjust their strategies accordingly.

How halving impacts the cryptocurrency market

Bitcoin halving events often generate a lot of interest and speculation in the cryptocurrency market. Anticipating lower supply and potential demand increase can contribute to price volatility.

During previous halvings, Bitcoin price experienced both pre-halving rallies and subsequent price increases in the months and years following the event. However, Bitcoin’s price is influenced by a variety of factors and isn’t solely determined by halving events.

How halving impacts Bitcoin’s price

The halving event has a significant impact on Bitcoin’s price and market dynamics. Here are some key points illustrating how halving influences Bitcoin’s price:

  • Supply and Demand: The halving reduces the rate at which new Bitcoin is created, effectively decreasing the supply. With a fixed maximum supply of 21 million coins, the reduced supply can create a supply-demand imbalance, potentially leading to an increase in price.

  • Scarcity Narrative: The halving event reinforces Bitcoin’s scarcity narrative, highlighting its deflationary nature and limited supply. This narrative often attracts investors seeking assets with long-term value preservation, potentially driving up demand and price.

  • Miner Incentives: Miners play a crucial role in securing the Bitcoin network. The halving reduces their block reward, making mining less profitable. If the price does not increase enough to compensate for the reduced reward, some miners may exit the network, potentially impacting the network’s security and stability.

  • Market Sentiment: The anticipation of the halving event can create positive market sentiment, as investors expect a potential price increase. This sentiment can drive speculative buying and contribute to short-term price volatility.

  • Pricing in: Some argue that the halving’s impact on price is already priced in by the market, meaning that the expectation of reduced supply and increased demand has already been accounted for. In this case, the actual halving event may not lead to an immediate price surge.

It’s important to note that while the halving historically has coincided with price increases, it does not guarantee future price appreciation. Bitcoin’s price is influenced by various factors beyond the halving, including macroeconomic conditions, regulatory developments, investor sentiment, and market speculation. Therefore, predicting Bitcoin’s price solely based on the halving is challenging and subject to uncertainty.

Bitcoin halving FAQs: Know more beyond the dates

Why is Bitcoin halving important for Bitcoin?

The halving event is crucial for Bitcoin’s long-term sustainability and monetary policy. By decreasing the block reward, the halving ensures that the creation of new Bitcoins becomes increasingly scarce over time. This scarcity contributes to Bitcoin’s store of value properties and its potential as a hedge against inflation. The predictable and transparent nature of the halving also allows market participants to anticipate changes in the supply rate, which can influence investment strategies and market sentiment. Overall, the halving plays a fundamental role in shaping the Bitcoin ecosystem and maintaining its monetary integrity.

Does the halving always lead to an increase in the price of Bitcoin?

While the halving is often associated with positive price movements in Bitcoin, it does not guarantee an immediate or automatic increase in price. 

The market’s reaction to the halving is influenced by various factors, including market sentiment, overall demand for Bitcoin, investor speculation, and external events. 

While historical trends suggest that the halving has contributed to price appreciation over the long term, short-term price movements can be unpredictable and subject to market dynamics.

​​How does the halving affect mining profitability?

The halving has a direct impact on mining profitability. When the block reward is halved, miners receive fewer newly minted Bitcoins for each block they successfully mine. This can make mining less profitable, particularly for miners operating with older or less efficient hardware. As a result, some miners may need to upgrade their equipment or evaluate their operations to maintain profitability in the face of reduced block rewards.

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© 2023 Swan Bitcoin

Electric Solidus, Inc.
26565 Agoura Rd Ste 200
Calabasas, CA USA
© 2023 Swan Bitcoin

Electric Solidus, Inc.
26565 Agoura Rd Ste 200
Calabasas, CA USA

Swan Bitcoin does not provide any investment, financial, tax, legal or other professional advice. We recommend that you consult with financial and tax advisors to understand the risks and consequences of buying, selling and holding Bitcoin.