Third Bitcoin Halving
Bitcoin's third block reward halving: 12.5 → 6.25 BTC. Occurred during the COVID-19 pandemic. Bitcoin's price surged in the following months, reaching new all-time highs.
This event is part of Bitcoin history — See the full Bitcoin timeline
The Pandemic Halving
On May 11, 2020, at block #630000, Bitcoin underwent its third halving, reducing the block reward from 12.5 BTC to 6.25 BTC. This halving was unique — it occurred during the COVID-19 pandemic, a time of unprecedented global economic uncertainty and monetary stimulus.
The economic backdrop was significant: central banks around the world were printing trillions of dollars in stimulus, reinforcing Bitcoin's value proposition as sound money with a fixed supply. The halving reduced Bitcoin's annual inflation rate from ~3.7% to ~1.8%, making it lower than gold's long-term supply inflation.
The Bull Run That Followed
In the year after the halving, Bitcoin entered a historic bull run. By December 2020, it had surpassed its previous all-time high of $20,000. By April 2021, it reached $64,000, driven by institutional adoption (MicroStrategy, Tesla, Square), the rise of DeFi, and growing recognition of Bitcoin as an inflation hedge.
