diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index 59457a18c..4a00e939d 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 0.12.0rc1
+current_version = 0.12.1rc1
 commit = True
 tag = True
 parse = (?P<major>\d+)\.(?P<minor>\d+)\.(?P<patch>\d+)((?P<release>[a-z]+)(?P<candidate>\d+))?
diff --git a/lbrynet/__init__.py b/lbrynet/__init__.py
index 4cfac0938..74cb619c5 100644
--- a/lbrynet/__init__.py
+++ b/lbrynet/__init__.py
@@ -1,6 +1,6 @@
 import logging
 
-__version__ = "0.12.0rc1"
+__version__ = "0.12.1rc1"
 version = tuple(__version__.split('.'))
 
 logging.getLogger(__name__).addHandler(logging.NullHandler())