Bitcoin Halving is an event that occurs every four years in the Bitcoin network. It refers to the reduction of the block reward that Bitcoin miners receive for adding new blocks to the blockchain.
Initially, when Bitcoin was created in 2009, miners received a reward of 50 Bitcoin for every block they said. This reward was later reduced to 25 Bitcoin in 2012 and further to 12.5 Bitcoin in 2016. The significance of the Bitcoin halving extends beyond supply control. It influences the economics of Bitcoin mining, incentivizing miners to become more efficient and adapt to lower rewards.
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