Definition
A programmed event in Bitcoin's code that cuts the block reward in half approximately every four years (every 210,000 blocks). Halvings reduce the rate of new Bitcoin supply, making Bitcoin progressively more scarce.
Why It Matters
Halvings directly impact Bitcoin's supply economics. Historically, each halving has been followed by significant price appreciation as supply growth slows while demand remains or increases.
Example
Bitcoin's 2024 halving reduced the block reward from 6.25 BTC to 3.125 BTC. The next halving is expected around 2028.
Related Terms
Bitcoin
Block Reward
Mining
Tokenomics