The block reward halving is the protocol rule in Bitcoin and similar proof-of-work chains that cuts the newly minted coin subsidy paid to miners in half at fixed block intervals, roughly every four years for Bitcoin. This geometric reduction enforces a predictable, disinflationary issuance schedule that converges on a fixed total supply of 21 million bitcoin. Halvings are central to Bitcoin’s scarcity narrative and have historically been focal points for market and security-budget analysis.
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- Every 210,000 blocks the coinbase subsidy drops by half, stepping issuance down until it reaches zero around 2140. The mechanism shifts miner revenue toward transaction fees over time and is a key driver of Bitcoin’s absolute scarcity and security-budget debates.