Bitcoin halving refers to the process through which the reward for mining new blocks on the Bitcoin blockchain is reduced by half. This event occurs approximately every four years or after every 210,000 blocks have been mined. The purpose of the halving is to control the supply of new bitcoins entering circulation and to ensure that the total supply of bitcoins remains capped at 21 million. As the reward for mining decreases, it becomes harder for miners to generate new bitcoins, which can have an impact on the overall supply and demand dynamics of Bitcoin. This event is closely watched by the cryptocurrency community as it can influence the price and market dynamics of Bitcoin..

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