What Is a ‘Halving Event’ in the Context of Cryptocurrency Mining?

A halving event is a programmed, periodic reduction in the block subsidy awarded to miners for successfully validating a new block. In Bitcoin, this event occurs roughly every four years, or every 210,000 blocks.

The purpose is to slow the rate at which new coins are created, thereby controlling inflation and simulating the scarcity of a commodity. Each halving event cuts the block reward by 50%, forcing miners to rely increasingly on transaction fees for their revenue.

This mechanism is central to Bitcoin's deflationary monetary policy.