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36.827 2.873 L 36.864 3.99 C 36.876 4.369 36.882 4.747 36.882 5.125 L 36.882 11.615 C 36.882 11.757 36.809 11.828 36.663 11.828 Z M 22.818 11.828 C 22.659 11.828 22.598 11.752 22.635 11.597 L 26.586 0.373 C 26.622 0.267 26.701 0.213 26.823 0.213 L 29.164 0.213 C 29.299 0.213 29.384 0.267 29.421 0.373 L 33.389 11.597 C 33.439 11.752 33.383 11.828 33.225 11.828 L 31.286 11.828 C 31.165 11.828 31.085 11.775 31.048 11.668 L 28.689 4.381 C 28.567 3.99 28.446 3.607 28.324 3.228 L 27.994 2.057 L 27.957 2.057 C 27.848 2.436 27.732 2.82 27.609 3.21 C 27.5 3.589 27.384 3.967 27.262 4.344 L 24.958 11.65 C 24.921 11.769 24.837 11.828 24.702 11.828 L 22.817 11.828 Z M 25.323 9.399 L 25.744 7.661 L 30.189 7.661 L 30.628 9.399 Z M 12.919 11.828 C 12.784 11.828 12.717 11.758 12.717 11.615 L 12.717 0.426 C 12.717 0.285 12.784 0.214 12.919 0.214 L 16.76 0.214 C 18.333 0.214 19.479 0.509 20.199 1.1 C 20.918 1.68 21.278 2.531 21.278 3.654 C 21.278 4.47 21.083 5.161 20.692 5.728 C 20.314 6.284 19.748 6.668 18.992 6.881 L 18.992 6.917 L 21.936 11.58 C 21.986 11.65 21.992 11.711 21.954 11.757 C 21.93 11.805 21.875 11.828 21.79 11.828 L 19.76 11.828 C 19.655 11.831 19.556 11.777 19.504 11.686 L 16.742 7.201 L 14.912 7.201 L 14.912 11.616 C 14.912 11.757 14.839 11.828 14.694 11.828 Z M 14.912 5.516 L 16.669 5.516 C 17.51 5.516 18.119 5.374 18.497 5.09 C 18.887 4.806 19.083 4.351 19.083 3.725 C 19.083 3.11 18.906 2.672 18.553 2.413 C 18.198 2.152 17.601 2.022 16.759 2.022 L 14.912 2.022 L 14.912 5.515 Z M 5.412 12.04 C 3.804 12.04 2.596 11.668 1.791 10.923 C 0.986 10.166 0.585 9.084 0.585 7.678 L 0.585 4.362 C 0.585 2.943 0.986 1.862 1.791 1.117 C 2.596 0.372 3.804 0 5.413 0 C 7.01 0 8.211 0.372 9.016 1.117 C 9.821 1.862 10.223 2.943 10.223 4.362 L 10.223 7.678 C 10.223 9.084 9.821 10.167 9.017 10.923 C 8.211 11.667 7.01 12.04 5.413 12.04 Z M 5.412 10.178 C 6.279 10.178 6.931 9.959 7.37 9.522 C 7.809 9.073 8.029 8.423 8.029 7.572 L 8.029 4.469 C 8.029 3.618 7.809 2.974 7.37 2.536 C 6.931 2.086 6.279 1.862 5.413 1.862 C 4.546 1.862 3.889 2.086 3.437 2.536 C 2.999 2.974 2.778 3.618 2.778 4.469 L 2.778 7.572 C 2.778 8.423 2.999 9.073 3.437 9.522 C 3.889 9.959 4.548 10.178 5.413 10.178 Z M 59.488 25.96 C 59.38 25.96 59.326 25.905 59.326 25.796 L 59.326 15.351 C 59.326 15.241 59.38 15.187 59.488 15.187 L 61.849 15.187 C 63.197 15.187 64.205 15.565 64.874 16.321 C 65.542 17.068 65.877 18.203 65.877 19.726 L 65.877 21.026 C 65.877 22.682 65.548 23.921 64.891 24.743 C 64.233 25.555 63.235 25.96 61.898 25.96 Z M 60.863 24.545 L 61.8 24.545 C 62.674 24.545 63.316 24.266 63.726 23.707 C 64.136 23.148 64.34 22.27 64.34 21.075 L 64.34 19.677 C 64.34 18.635 64.136 17.862 63.726 17.359 C 63.316 16.854 62.664 16.601 61.768 16.601 L 60.863 16.601 L 60.863 24.546 Z M 50.762 25.96 C 50.664 25.96 50.616 25.905 50.616 25.796 L 50.616 15.351 C 50.616 15.241 50.664 15.187 50.762 15.187 L 53.285 15.187 C 54.396 15.187 55.215 15.439 55.743 15.944 C 56.272 16.447 56.535 17.215 56.535 18.246 C 56.535 19.036 56.396 19.677 56.115 20.171 C 55.858 20.644 55.44 21.011 54.935 21.207 L 54.935 21.223 L 56.972 25.746 C 57.037 25.889 57 25.96 56.86 25.96 L 55.468 25.96 C 55.393 25.96 55.338 25.922 55.306 25.845 L 53.398 21.486 L 52.154 21.486 L 52.154 25.796 C 52.154 25.906 52.105 25.96 52.008 25.96 L 50.763 25.96 Z M 52.153 20.154 L 53.253 20.154 C 53.867 20.154 54.309 20.006 54.578 19.71 C 54.848 19.414 54.984 18.953 54.984 18.328 C 54.984 17.692 54.848 17.242 54.578 16.979 C 54.309 16.716 53.878 16.585 53.285 16.585 L 52.153 16.585 Z M 41.428 25.96 C 41.32 25.96 41.282 25.9 41.315 25.78 L 43.983 15.318 C 44.006 15.231 44.064 15.187 44.162 15.187 L 45.828 15.187 C 45.914 15.187 45.973 15.231 46.005 15.317 L 48.706 25.78 C 48.727 25.9 48.685 25.96 48.577 25.96 L 47.202 25.96 C 47.137 25.96 47.084 25.916 47.04 25.829 L 45.455 18.92 C 45.369 18.56 45.289 18.198 45.213 17.835 C 45.138 17.473 45.062 17.106 44.987 16.732 L 44.954 16.732 C 44.889 17.106 44.819 17.473 44.743 17.835 C 44.668 18.187 44.592 18.548 44.517 18.92 L 42.932 25.829 C 42.911 25.916 42.851 25.96 42.754 25.96 Z M 43.207 23.526 L 43.482 22.178 L 46.458 22.178 L 46.765 23.526 L 43.208 23.526 Z M 33.5 25.96 C 33.391 25.96 33.338 25.905 33.338 25.796 L 33.338 15.351 C 33.338 15.241 33.391 15.187 33.5 15.187 L 35.861 15.187 C 37.209 15.187 38.217 15.565 38.886 16.321 C 39.554 17.068 39.889 18.203 39.889 19.726 L 39.889 21.026 C 39.889 22.682 39.559 23.921 38.902 24.743 C 38.244 25.555 37.247 25.96 35.909 25.96 Z M 34.874 24.545 L 35.813 24.545 C 36.686 24.545 37.328 24.266 37.737 23.707 C 38.147 23.148 38.351 22.27 38.351 21.075 L 38.351 19.677 C 38.351 18.635 38.147 17.862 37.737 17.359 C 37.328 16.854 36.675 16.601 35.78 16.601 L 34.874 16.601 L 34.874 24.546 Z M 24.031 25.96 C 23.934 25.96 23.885 25.905 23.885 25.796 L 23.885 15.351 C 23.885 15.241 23.934 15.187 24.031 15.187 L 25.858 15.187 C 25.955 15.187 26.015 15.225 26.036 15.301 L 28.091 21.059 C 28.209 21.366 28.322 21.695 28.43 22.045 C 28.549 22.397 28.656 22.737 28.755 23.066 C 28.862 23.383 28.947 23.679 29.012 23.953 L 29.061 23.953 C 29.037 23.619 29.015 23.284 28.996 22.949 L 28.964 21.832 L 28.964 15.351 C 28.964 15.241 29.012 15.187 29.109 15.187 L 30.306 15.187 C 30.404 15.187 30.452 15.241 30.452 15.351 L 30.452 25.796 C 30.452 25.906 30.404 25.96 30.306 25.96 L 28.495 25.96 C 28.419 25.96 28.36 25.922 28.317 25.845 L 26.311 20.253 C 26.121 19.736 25.943 19.215 25.778 18.69 C 25.638 18.201 25.492 17.713 25.341 17.226 L 25.309 17.226 C 25.319 17.544 25.325 17.901 25.325 18.296 L 25.357 19.447 C 25.368 19.83 25.374 20.193 25.374 20.532 L 25.374 25.796 C 25.374 25.906 25.325 25.96 25.228 25.96 Z M 14.698 25.96 C 14.589 25.96 14.552 25.9 14.584 25.78 L 17.253 15.318 C 17.274 15.231 17.334 15.187 17.431 15.187 L 19.097 15.187 C 19.183 15.187 19.242 15.231 19.275 15.317 L 21.975 25.78 C 21.998 25.9 21.954 25.96 21.847 25.96 L 20.471 25.96 C 20.407 25.96 20.353 25.916 20.309 25.829 L 18.724 18.92 C 18.639 18.56 18.558 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What is the Bitcoin halving?
The bitcoin halving occurs approximately every four years, cutting the rate at which new bitcoin supply enters circulation in half. Miners currently earn 3.125 BTC per block after four halvings. The most recent halving was April 2024, and the next bitcoin halving is projected for early 2028. Halvings reduce new supply, which has historically preceded significant bitcoin price appreciation as bitcoin adoption outpaces diminishing issuance.