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Bitcoin halving is an event where the reward for mining new blocks is halved, occurring approximately every four years. This mechanism is built into Bitcoin's protocol to control its supply and ensure scarcity. The most recent halving happened in May 2020, reducing the reward from 12.5 to 6.25 bitcoins per block mined. It's a significant event in the cryptocurrency world, often impacting its price and miners' profitability.

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