Bitcoin halving is a programmed event that reduces the block reward paid to miners approximately every four years.
The reward decreased from 50 BTC in 2009 to 25 BTC, 12.5 BTC, 6.25 BTC, and 3.125 BTC after the 2024 halving.
Halvings reduce the rate of new BTC entering circulation and directly affect Bitcoin mining rewards and mining economics.