The Bitcoin halving refers to the process by which the reward for mining new blocks on the Bitcoin blockchain is reduced by half, occurring every 210,000 blocks or approximately every four years.
Bitcoin halving is encoded in the protocol to limit the total supply to 21 million coins, reducing block rewards sequentially over halving events occurring every four years until 2140.
Halving reduces new Bitcoin supply, creating scarcity, driving its value as a store of value, shaping its deflationary nature over time.
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