Halving

Definition

A halving is the scheduled reduction of Bitcoin's block subsidy by half after each interval of 210,000 blocks. Because Bitcoin aims for an average block interval of approximately ten minutes, halvings occur roughly every four years, but the protocol uses block height rather than a fixed calendar appointment. The event reduces newly permitted issuance per block; it does not halve existing wallet balances, transaction amounts, or the maximum supply. It also does not necessarily halve a miner's total block reward because transaction fees are a separate component. Mining revenue after a halving depends on several variables, including fees, market prices, operating costs, and competition. The schedule is a monetary rule, not a mechanism that guarantees a price increase. Discussions of an upcoming or past halving should therefore distinguish the directly specified subsidy change from uncertain market responses and individual business outcomes.