Bitcoin halving is a programmed event that occurs roughly every four years where the reward that Bitcoin miners receive for creating new blocks is cut in half. This event is built into Bitcoin's code and reduces the rate at which new Bitcoin is created. Halving events are significant because they affect Bitcoin's supply and can influence its price.
In 2020, Bitcoin miners received 6.25 new Bitcoin for each block they validated. The next halving in 2024 cut this reward to 3.125 Bitcoin per block. This happens automatically according to Bitcoin's rules, and there are only 21 million Bitcoin that will ever be created, so halving ensures that supply grows more slowly over time.
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