Bitcoin Halving

A programmatic event occurring every 210,000 blocks (~4 years) that reduces the Bitcoin block reward by 50%, enforcing a disinflationary monetary policy converging on the 21 million BTC supply cap. The most recent halving occurred on April 20, 2024 (block 840,000), reducing the reward from 6.25 to 3.125 BTC per block. Halvings shift miner revenue composition toward transaction fees and have historically correlated with bull market cycles.