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The "Halvening," or "Halving," is an event in which bitcoin's protocol automatically updates to reduce the reward for successfully mining a bitcoin by one half. This occurs every 210,000 blocks that are mined on bitcoin's blockchain. For the first 210,000 blocks, the mining reward was 50 bitcoins (BTC).

The first "Halvening," or Halving, was on November 28, 2012. Bitcoin's block reward dropped from 50 BTC to 25 BTC. The second was on July 9, 2016, dropping the block reward from 25 BTC to 12.5 BTC.

Each "Halvening" creates predictable scarcity since bitcoin's total supply is hard-capped at 21 million BTC. Historically, each "Halvening" preceded a significant jump in the price of bitcoin.[1]

The next "Halvening" is predicted for May of 2020.[2][3]