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Bitcoin halving is a programmed event that occurs approximately every 4 years (210,000 blocks) where the block reward given to miners is cut in half.
This mechanism controls Bitcoin's inflation rate and ensures that only 21 million Bitcoin will ever exist, making it a deflationary digital asset.
First halving event, reducing reward from 50 to 25 BTC
Second halving, reducing reward from 25 to 12.5 BTC
Third halving, reducing reward from 12.5 to 6.25 BTC
Fourth halving, reducing reward from 6.25 to 3.125 BTC
Fifth halving event, reducing reward from 3.125 to 1.5625 BTC