What is the Halving?

The halving cuts Bitcoin's mining reward in half roughly every four years (every 210,000 blocks); four halvings have occurred since 2012, with the fifth expected around spring 2028. Past halvings were followed by price increases, but the magnitude has shrunk with each cycle, and as of August 2026 the price sits at roughly the level it held on the day of the fourth halving. This article records what has been observed and the competing interpretations of it, and makes no price predictions.