What the halving changes, and what it does not

About every four years, the number of new bitcoin created with each block is cut in half. It is written into the software and happens at a block height everyone can see coming (sample explainer).

What changes: miners earn fewer new coins per block, so more of their income comes from fees. What does not change: your keys, your wallet, your addresses and how payments work.

You will read many forecasts about what the halving does to the price. We do not make them. Bitcoin’s value can rise and fall sharply, and you can lose all the money you put in. Nothing on this site is financial advice: we explain how bitcoin works, never whether to buy it.