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The Bitcoin halving is an important event that occurs approximately every four years. During this event, the block reward provided to miners is reduced by half. The current Bitcoin block height is less than 365 days from the next halving event, expected to occur on April 28, 2024. Once all 32 halving events have occurred, no more Bitcoin will be created as the maximum supply will have been reached.
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Halving Est. Date Block Height Block Reward (BTC)
0 N/A 0 50
1 11/28/2012 210,000 25
2 07/09/2016 420,000 12.5
3 2020 630,000 6.25
4 2024 840,000 3.125
5 2028 1,050,000 1.5625
Source: Binance Academy
Halvings are significant because they ensure that coins will be issued steadily, following a predictable decaying rate. Such a controlled monetary inflation rate is one of the main differences between cryptocurrencies and traditional fiat currencies, which have an infinite supply. Bitcoin Halving is an essential function of the Bitcoin protocol, and the code can be found on the Bitcoin Core Github.