What is a Bitcoin Halving?

Bitcoin halving is the term used to identify the block reward subsidy schedule. According to the Bitcoin blockchain protocol, the Bitcoin block reward is cut in half every 210,000 blocks. Given the Bitcoin block reward is cut in half from 50, to 25, to 12.5, to 6.25, to 3.125 and so on, this process and schedule is called the Bitcoin block reward halving. Three Bitcoin halvings have already taken place, one in 2012, 2016, and the last halving in 2020. The next Bitcoin halving is scheduled to take place at block 840,000 which is predicted to be on May 18, 2024 08:54:26 PM UTC. At the Bitcoin halving 2024, the Bitcoin block reward is scheduled to drop from 6.25 Bitcoin per block to 3.125 Bitcoin per block.