Halving means to cut in half, and that is exactly what happens to the rewards (new coins) given to miners for producing new blocks. At the moment the reward is at 6.25 bitcoins and in 2024 it will go down to 3.125. This process is encoded in the bitcoin core code and happens more precisely every 210,000 blocks (+/- every 4 years). For this reason, it is said that bitcoin is deflationary, because the pace of production of new coins is reduced by half every halving, unlike government fiat currencies.

Initially in 2009, each block was rewarded with 50 bitcoins. There will only be 32 bitcoin halving events. Once they have all happened, there will be no more halvings and there will also be no more creation of bitcoins, reaching 21,000,000 bitcoins in circulation at that time. This will happen in block 6,930,000, estimated to be in the year 2140. At that time, miners will only be rewarded with transaction fees.

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