How Does the Concept of a ‘Halving Event’ Relate to Miner Profitability?

A halving event is a programmed reduction, typically by 50%, in the block reward paid to miners. This event drastically cuts the primary source of a miner's revenue overnight.

To maintain profitability, the price of the cryptocurrency must increase significantly to offset the reduced reward, or the miner must reduce operating costs. Halvings are a key deflationary mechanism but pose an existential threat to less efficient miners.