What was the block reward after the 2012 halving?

The block reward after the 2012 halving was 25 BTC. Bitcoin’s first halving reduced the mining subsidy from 50 bitcoins per block to 25.

The change took effect at block 210,000 on November 28, 2012. Bitcoin’s rules specify that the block subsidy is cut in half every 210,000 blocks, approximately once every four years. The reduction slows the creation of new coins and supports the protocol’s long-term supply limit.

The term “block reward” can cause a technical mix-up. A miner’s total compensation may include both the newly issued subsidy and transaction fees paid by users. In 2012, the new-coin portion became 25 BTC, while fees were additional and varied by block.

The later reward figures are easy to confuse: the subsidy fell to 12.5 BTC in 2016, 6.25 BTC in 2020, and 3.125 BTC in 2024. Thus, 6.25 BTC and 12.5 BTC are real Bitcoin rewards, but they belong to later halvings rather than the first one.

As halvings continue, the subsidy approaches zero. Eventually, miners are expected to rely primarily on transaction fees for revenue.