What is a Bitcoin Halving?

A Bitcoin halving is a mechanism that is encoded into the Bitcoin protocol to control the rate at which new bitcoins are created. Over time, it is programmed to reduce the rate of supply by decreasing the Bitcoin mining production output. Bitcoin halving events occur at a specific date and time (or block), with the first halving occuring in 2012, and the most recent happening in 2020. The next Bitcoin halving is scheduled to take place in 2024.