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Bitcoin halving definition
A Bitcoin halving is a scheduled event in Bitcoin's code that cuts the reward miners receive for adding a new block in half. It produces a step-down in the rate at which new bitcoin enters circulation, tightening supply growth over time.
The halving is written into the protocol and triggers roughly every four years, after every 210,000 blocks. Miners who validate transactions and add blocks are paid a block reward in newly created bitcoin; at each halving that reward drops by 50 percent, which slows issuance until the supply approaches its fixed cap of 21 million coins.
Inflationary fiat issuance is the contrast: a central bank can expand the money supply at its discretion, with no hard cap, so the supply of a fiat currency can keep growing. Bitcoin's halving instead bakes a shrinking, predictable issuance schedule into the rules themselves.
Bitcoin halving Example
You compare the block reward before and after a halving to see how issuance slows.
Historically, the 2024 halving reduced the reward like this:
6.25 BTC per block to 3.125 BTC per block
So a miner who would have earned 6.25 BTC for a block before that halving earns 3.125 BTC for the same work after it, halving the new supply created per block. These figures are historical and illustrative.
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