Halving
The halving of the mining reward every 210,000 blocks (~4 years).
Definition
The Bitcoin Halving is the programmed event that cuts in half the reward miners receive for validating a block. It occurs every 210,000 blocks, roughly every 4 years. There have been four halvings so far: November 2012 (50→25 BTC), July 2016 (25→12.5 BTC), May 2020 (12.5→6.25 BTC) and April 2024 (6.25→3.125 BTC). The halving is the central mechanism of Bitcoin's monetary policy: it reduces new supply issuance and has historically preceded periods of significant price appreciation.
In Context
Since the fourth halving, Bitcoin issues fewer new coins per year than gold, relative to total supply.
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