Bitcoin halving is an event that occurs approximately every four years, or after 210,000 blocks have been mined. During this event, the reward for mining Bitcoin transactions is cut in half. This process reduces the rate at which new Bitcoins are introduced into circulation, contributing to Bitcoin's scarcity. The first reward was 50 Bitcoin, and it has been halved several times since. The next halving is expected to occur in April 2024, when the block reward will fall to 3.125 BTC¹.