What is the concept of “halving” in cryptocurrency?

Halving is an event in some cryptocurrency networks, such as Bitcoin, where the reward for mining new blocks is cut in half. This occurs at regular intervals, typically every four years, and is programmed into the network’s protocol to control the supply of the cryptocurrency. For Bitcoin, the block reward was initially 50 BTC, then halved to 25 BTC, 12.5 BTC, and is now 6.25 BTC. Halving events are significant because they reduce the rate at which new coins are introduced into circulation, leading to a decrease in the overall supply of the currency. Halvings can influence the cryptocurrency’s price by creating scarcity, which, in theory, could lead to an increase in value over time.