Bitcoin halving is an event programmed into the Bitcoin protocol where the reward for mining new blocks is halved. This happens approximately every four years or after every 210,000 blocks are mined. The halving is significant because it reduces the rate at which new bitcoins are created, slowing down the rate of inflation and ultimately limiting the total supply of bitcoins to 21 million. This scarcity is one of the factors that contribute to Bitcoin's value proposition.

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