A Bitcoin halving event is when the block reward (distributed to miners) is cut in half. This in turn reduces the inflation rate for BTC and is the driver behind BTC’s deflationary issuance. The initial block reward for BTC was set to 50 BTC, which has since been reduced to 6.25 BTC over the past three previous halving events. The next BTC halving event will take place at block # 840,000, which is estimated to take place in April/May of 2024.
