Halving (Block Halving)
Also known as: Block Halving, Mining Halving, Reward Reduction
A programmed reduction in the block reward given to miners, typically occurring at fixed intervals in Proof of Work cryptocurrencies.
Halving is a predefined event in many Proof of Work (PoW) blockchain protocols where the reward for mining new blocks is cut in half. This mechanism reduces the rate of new coin issuance and controls inflation over time. In Bitcoin, a halving occurs every 210,000 blocks, approximately every four years. Originally set at 50 BTC, the reward has decreased through several halvings, with the next expected to drop to 3.125 BTC. Halvings are crucial to Bitcoin's fixed supply model and often trigger shifts in market dynamics, miner profitability, and public attention.