The fourth Bitcoin halving has officially been completed. At 8:09 AM Taiwan time on April 20, 2025, the network reached block height 840,000—marking a pivotal moment in Bitcoin’s monetary policy. With this milestone, the block reward for miners has been reduced from 6.25 BTC to 3.125 BTC per block.
This event continues Bitcoin’s built-in deflationary mechanism, reinforcing its scarcity and long-term value proposition. As one of the most anticipated events in the crypto calendar, the halving not only impacts miner economics but also influences market sentiment and price dynamics.
What Is the Bitcoin Halving?
The Bitcoin halving is a pre-programmed event that occurs approximately every four years—or more precisely, every 210,000 blocks. It cuts the block reward given to miners in half, effectively reducing the rate at which new bitcoins are introduced into circulation.
This mechanism ensures that Bitcoin remains a scarce digital asset, with a maximum supply cap of 21 million coins. The halving process will continue until around the year 2140, when the last satoshi is expected to be mined.
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The Fourth Halving: Key Details
Block 839,999 was the final block to carry a 6.25 BTC reward. According to blockchain explorers like Mempool and Blockchain.com, this historic block was mined by SBI Crypto, a prominent Japanese mining entity.
At block 840,000, the network automatically adjusted the mining reward down to 3.125 BTC—a reduction of 50%. This means miners now earn half as much Bitcoin for validating transactions and securing the network, all else being equal.
While the immediate price impact can be volatile, historical trends suggest that halvings often precede significant bull runs over the following 12–18 months.
Why Does This Matter?
- Supply Shock: With fewer new Bitcoins entering the market, demand pressures may increase if investor interest remains strong.
- Miner Pressure: Lower rewards mean mining becomes less profitable, especially for operations with high energy costs. This could lead to consolidation in the mining industry.
- Market Sentiment: The halving acts as a psychological catalyst, drawing renewed attention from investors and media alike.
Previous Halving Events: A Historical Perspective
To understand the significance of the 2025 halving, it's essential to look back at past cycles.
Third Halving (2020): Crisis Meets Innovation
The third Bitcoin halving occurred on May 12, 2020, at block height 630,000. Just before this milestone, block 629,999 included a powerful message embedded in its coinbase data—a feature allowing miners to include custom text in blocks.
That message quoted the front page of The New York Times from April 9, 2020:
"The $2.3T rescue package is far more than the 2008 bailout — New York Times, April 9, 2020"
This was a direct commentary on the global economic response to the COVID-19 pandemic, highlighting widespread fiscal stimulus and central bank interventions. By embedding this headline, miners underscored Bitcoin’s role as an alternative to traditional financial systems amid monetary expansion.
The Genesis Block: A Message From Satoshi
Even more iconic is the message left in Bitcoin’s very first block—the Genesis Block (Block 0), mined by Satoshi Nakamoto on January 3, 2009. Embedded within it was the headline from The Times:
"Chancellor on brink of second bailout for banks"
This subtle yet profound statement criticized the fragility of centralized banking systems and laid the philosophical foundation for Bitcoin: a decentralized, trustless alternative to fiat currency.
These embedded messages serve as time capsules—reminders of why Bitcoin was created and what it stands for.
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Core Keywords and Market Implications
Key terms associated with this event include:
Bitcoin halving, block reward, mining difficulty, BTC scarcity, blockchain consensus, cryptocurrency supply, Satoshi Nakamoto, and decentralized finance.
These concepts are central to understanding how Bitcoin functions as both a technological innovation and a monetary experiment.
As supply issuance slows post-halving, attention turns to demand drivers:
- Institutional adoption
- Regulatory clarity
- Macroeconomic conditions (e.g., inflation, interest rates)
- On-chain activity and wallet growth
Historically, halvings have correlated with increased volatility followed by upward price trends. However, past performance does not guarantee future results—and investors should always conduct thorough research.
Frequently Asked Questions (FAQ)
What happens after the Bitcoin halving?
After each halving, the rate of new Bitcoin creation slows down. This reduced supply inflation can create upward price pressure if demand remains steady or increases. Over time, this mechanism mimics commodities like gold, enhancing Bitcoin’s “digital gold” narrative.
Does the halving affect transaction fees?
Not directly. However, as block rewards decrease, miners will increasingly rely on transaction fees for revenue. In the long term, this incentivizes a more efficient fee market and could drive improvements in layer-2 scaling solutions.
Can I still mine Bitcoin profitably after the halving?
Mining profitability depends on several factors: electricity cost, hardware efficiency, pool fees, and Bitcoin’s market price. Some less-efficient miners may shut down after the halving, leading to temporary drops in hashrate—though the network adjusts difficulty accordingly every 2,016 blocks.
How many Bitcoins are left to be mined?
As of 2025, over 19.7 million BTC have already been mined. That leaves fewer than 3 million BTC remaining. Given the halving schedule and diminishing rewards, it will take over a century to mine the final coins.
Is the halving price rally guaranteed?
No. While previous halvings were followed by bull markets (e.g., 2016 and 2020), market conditions evolve. Increased institutional participation, regulatory developments, and macroeconomic shifts mean outcomes are never certain.
What is coinbase data?
Coinbase data refers to arbitrary text or code that miners can include in the first transaction of a block—the coinbase transaction. It’s often used to timestamp events, express political views, or leave cultural references. Importantly, it’s unrelated to the cryptocurrency exchange Coinbase.
👉 Learn how on-chain data reveals insights about market behavior and miner activity
Looking Ahead: The Path to 21 Million
With only about 1.5% of total Bitcoin supply left to be mined over the next century, each halving brings us closer to full issuance. The next reduction—to 1.5625 BTC per block—will occur around 2029 at block 1,050,000.
As mining rewards dwindle, network security will increasingly depend on transaction fees rather than block subsidies. This transition is critical for Bitcoin’s long-term sustainability and decentralization.
Meanwhile, investors continue to monitor key indicators such as:
- Hashrate trends
- Miner reserve levels
- Exchange inflows/outflows
- On-chain transaction volume
These metrics help gauge market health and anticipate potential shifts in supply distribution.
Final Thoughts
The successful completion of the fourth Bitcoin halving reinforces confidence in its protocol design. Unlike traditional currencies subject to central control and inflationary policies, Bitcoin operates under transparent, immutable rules.
From the Genesis Block’s quiet protest against failing banks to today’s global recognition as a store of value, Bitcoin continues evolving—both technologically and culturally.
Whether you're an investor, developer, or observer, this moment offers a chance to reflect on how far we've come—and where decentralized money might go next.
Note: Cryptocurrency investments carry high risk due to price volatility. You may lose your entire principal. Always perform independent research before making financial decisions.