WHEN IS THE NEXT BITCOIN HALVING?

INTRODUCTION

As we approach the conclusion of the third epoch, the countdown to the next Bitcoin halving is firmly underway. The halving (also known as the “Halvening”) is one of the most important and innovative features of Bitcoin. Every 10 minutes, the Bitcoin network issues new bitcoin and approximately every four years (every 210,000 blocks, to be precise) the amount issued (the “block subsidy”) is cut in half. The block subsidy is the reward miners receive for validating and recording new transactions on the blockchain.
The halving of the block subsidy is a critical factor in bitcoin’s eventual capped supply of 21 million bitcoin. In addition, miners also collect transaction fees that users attach to their transactions to encourage miners to include them in the next block. Therefore miners often earn more bitcoin for mining a block than just the subsidy. .

WHEN IS THE NEXT BITCOIN HALVING?

The next Bitcoin halving is anticipated to take place on or around April 20, 2024 EST, reducing the block reward from 6.25 to 3.125 BTC. This halving period — or epoch — will increase the supply by 164,250 bitcoin (from 19,687,500 to 20,671,875), a mere 328,124 bitcoin from the maximum supply limit of 21 million.

TO CALCULATE THE NEXT HALVING DATE

1. Determine the block interval: While it’s true that Bitcoin’s block time (the time between each block) is approximately 10 minutes, the time can vary slightly due to hash rate and network adjustments.
2. Find the current block height: You need to know the current block height, which you can find on various blockchain explorer websites or directly from your Bitcoin node if you’re running one.
3. Calculate the blocks remaining until the next halving: Bitcoin’s halving occurs every 210,000 blocks. Subtract the current block height from the next halving block height.
4. Calculate the estimated time remaining: Multiply the number of blocks remaining by the approximate block interval (in seconds) to estimate the time remaining until the next halving.
5. Convert the time into a date: Convert the estimated time remaining into a date format to find out when the next halving is expected.

Current block height: can be found here.
Block time: can be found here.
Blocks per epoch: 210,000

Next halving block height: 210,000 times next halving number
Calculation:
(((Next Halving Block Height - Current Block Height)*10)/60)/24 = Days remaining
Hash rate and difficulty adjustment are two variables which constantly shape the speed at which blocks are processed and therefore the intervals between blocks. The date of the next halving can vary as a result, so it’s important to keep running the calculation.

HISTORY OF BITCOIN HALVINGS

As of March 2024, there have been three Bitcoin halvings:

1. On November 28, 2012, Bitcoin’s block subsidy decreased from 50 BTC per block to 25 BTC per block.
2. On July 9, 2016, the second Bitcoin halving decreased the block subsidy from 25 BTC per block to 12.5 BTC per block.
3. On May 20, 2020, the third Bitcoin halving reduced the block subsidy from 12.5 BTC per block to 6.25 BTC per block.