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What is the Bitcoin halving?

Every 210,000 blocks, about every four years, the new bitcoin created in each block is cut in half.

Miners earned 50 bitcoin per block in 2009. After four halvings, they earn 3.125. The next halving is due at block 1,050,000.

The subsidy eventually falls to zero because amounts are recorded in whole satoshis. This limits total issuance to just under 21 millionSupply cap (21 million)Bitcoin's rules halve the new supply every 210,000 blocks, so issuance slows towards zero. The total approaches 21 million without quite reaching it. bitcoin; uneven block times mean there is no exact calendar end date.

All Bitcoin terms

References

  1. Bitcoin Core, “GetBlockSubsidy in src/validation.cpp”.
  2. Bitcoin Core, “nSubsidyHalvingInterval in src/kernel/chainparams.cpp”.