Bitcoin's fourth halving occurred on April 19, 2024, at block 840,000. The mining reward dropped from 6.25 to 3.125 BTC per block. Bitcoin is stabilising around $64,800. What the halving concretely changes Before the halving, the network produced approximately 900 new bitcoins per day. After, this falls to 450 per day — annual inflation of roughly 0.85%, lower than gold. Post-halving on-chain data According to CoinMetrics, miner revenue fell 55% in dollar terms the day after the halving. ETF flows recorded net inflows of $217 million during halving week — slowing but still positive. What this data does not tell us The three previous halvings were all followed by significant rallies — but with 12 to 18-month delays and in very different macro contexts.