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Bitcoin halving, also known as the "halvening," is an event that occurs approximately every four years in the Bitcoin network. It involves a reduction in the reward given to miners for validating transactions and adding them to the blockchain.

Specifically, the block reward, which is the amount of newly created bitcoins given to miners, gets cut in half. This reduction is hardcoded into the Bitcoin protocol and is designed to occur every 210,000 blocks. Initially, when Bitcoin was created, the block reward was 50 BTC per block. After the first halving in 2012, it dropped to 25 BTC. Then, after the second halving in 2016, it decreased to 12.5 BTC. The most recent halving occurred in May 2020, reducing the block reward to 6.25 BTC.

The purpose of Bitcoin halving is to control the inflation rate and gradually decrease the supply of new bitcoins in circulation over time. By reducing the number of newly minted bitcoins, it aims to enforce scarcity and ensure that the total supply of bitcoins is capped at 21 million, which will be reached eventually in the future.

Bitcoin halving events often generate interest and speculation among investors and cryptocurrency enthusiasts as they can potentially impact the supply and demand dynamics, which may impact the price of bitcoin.