Why it matters

Miners sell part of their new coins to pay for power and hardware, so a smaller reward means less fresh supply reaching the market each day. Past halvings in 2012, 2016, 2020 and 2024 were followed by strong rallies within a year or two, but many other forces drive the price, and past patterns do not guarantee the future.

What happens to miners

Each halving squeezes miners' income overnight. Less efficient operators switch off or sell their machines, and the network's computing power can dip before it recovers. Transaction fees become a bigger share of miners' revenue over time.