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Halving refers to the event when the reward for mining a new block on the Bitcoin blockchain is cut in half. This is an automated process that is built into the Bitcoin protocol and happens approximately every four years, or after every 210,000 blocks have been mined.

The purpose of halving is to control the supply of new bitcoins that enter the market. By reducing the reward for mining new blocks, the rate at which new bitcoins are generated is slowed down, which helps to prevent inflation and maintain the scarcity of the cryptocurrency.

Bitcoin halving is a significant event in the cryptocurrency world because it has a direct impact on the supply of new bitcoins entering the market.