Plain English
Every 210,000 blocks (~4 years), the reward miners get for producing a Bitcoin block is cut in half. This is the halving. It cuts the rate of new BTC entering supply, and historically each halving has preceded a major bull cycle. The next halving is approximately April 2028.
How it actually works
Bitcoin’s monetary policy is hardcoded: 50 BTC per block in 2009, 25 in 2012, 12.5 in 2016, 6.25 in 2020, 3.125 since 2024. Total supply caps at 21 million BTC around year 2140. The halving is mechanical — no committee can override it.
What it means for you
The halving is the single most-watched cyclical event in crypto. Whether it directly causes bull markets is debated (supply shock is real but priced-in, narrative effect is substantial). For longer-horizon BTC holders, halvings provide a built-in calendar of risk regimes — and a sane framework for not selling into post-halving rallies prematurely.
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Educational content only. Not investment, tax, or legal advice.