Bitcoin halving is an event that occurs every four years when the reward for mining Bitcoin transactions is cut in half. This reduction in the reward for miners is built into the Bitcoin protocol to ensure that Bitcoin remains a deflationary currency and a good store of value. The halving event is significant because it marks another drop in the rate of new Bitcoins being produced as it approaches its finite supply. The primary reasons for Bitcoin’s halving are scarcity and controlled supply. The halving policy was written into Bitcoin’s mining algorithm to counteract inflation by maintaining scarcity. The rewards system is expected to continue until the year 2140, when the proposed 21 million limit for Bitcoin is reached. There have been three halvings as of April 2023: Nov. 28, 2012, to 25 bitcoins; July 9, 2016, to 12.5 bitcoins; and May 11, 2020, to 6.25 bitcoins. The next halving is expected to occur in 2024, and the reward will drop to around 3.125 bitcoins. The halving event has major implications for the Bitcoin network. For miners, the halving event may result in consolidation in their ranks as individual miners and small outfits drop out of the mining ecosystem or are taken over by larger players. By issuing fewer bitcoins over time, the halving makes it more likely that Bitcoin’s value will rise, assuming consistent levels of demand.