Halving
The scheduled 50 per cent cut to Bitcoin's block reward every 210,000 blocks.
Roughly every four years, the amount of new bitcoin paid to miners per block is cut in half. The reward has fallen from 50 BTC in 2009 to 3.125 BTC after the April 2024 halving.
Halvings slow new supply toward the 21 million cap and squeeze miner revenue, forcing inefficient operators offline. They are among the most heavily traded scheduled events in the market.