Next halving

The fifth halving will occur at block height 1,050,000, reducing the subsidy from 3.125 BTC to 1.5625 BTC. The height is fixed by consensus rules; the calendar date is not. As of mid-2026, estimators project spring 2028 (April 2028 is the common central estimate). This date drifts: blocks arrive slightly faster than 10 minutes when hashrate is growing, so the realized date moves earlier or later with mining conditions.

Common misstatements:

• Quoting a specific 2028 date as a certainty. — Only the block height (1,050,000) is fixed; any calendar date is a projection.
• "The next halving cuts the reward to 1.25 BTC." — Halving 3.125 gives 1.5625; halvings divide by exactly two.