A blockchain mechanism that periodically reduces crypto block rewards on Bitcoin by half.
Halving is a reward-reduction process in the cryptospace that ensures that only half of the rewards are available to miners. This process is one of the characteristic security measures on the Bitcoin blockchain that helps keep the network stable. By halving mining rewards, the number of mined crypto tokens in circulation are regulated and kept in check. Thus, there are very low odds of inflation.
There have been three halving events on the Bitcoin network. The last one was on May 11, 2020, and the next one is scheduled for 2024.