Definition
The halving is one of Bitcoin’s most important economic mechanisms. By reducing the rate of new Bitcoin creation on a fixed schedule, it enforces digital scarcity. There will only ever be 21 million Bitcoin, and the halving ensures the supply approaches that limit asymptotically.
Halving history: 50 BTC (2009), 25 BTC (2012), 12.5 BTC (2016), 6.25 BTC (2020), 3.125 BTC (2024). The next halving is expected around 2028. Halvings historically have significant effects on mining profitability and market dynamics.
In Simple Terms
The event that cuts Bitcoin's block reward in half every four years, enforcing digital scarcity.
An event that cuts the Bitcoin block subsidy in half approximately every four years (every 210,000 blocks). The most recent halving in April 2024 reduced the subsidy from 6.25 to 3.125 BTC.