What does BItcoin halving mean?

Bitcoin halving is considered to be the most important event in the crypto calendar, the Bitcoin halving is a process whereby the Bitcoin mining reward is cut in half to reduce the number of new coins entering the network.

Cryptocurrencies like Bitcoin that are based on a Proof-of-Work (PoW) algorithm are produced by miner who are people with specially equipped computers that solve mathematical problems to create new blocks, release new coins into circulation, and get rewarded for their efforts.

Within the Bitcoin network, the initial block reward for miners was 50 BTC. Over time, this reward has been continuously reduced due to a special “halving” provision in the Bitcoin code. Though the Bitcoin halving dates are not guaranteed fixtures on the calendar, they are consistent. This provision states that the Bitcoin block reward should be permanently cut in half roughly every 210,000 blocks, or approximately every 4 years. The purpose of Bitcoin halving, along with the fixed total supply, is to decrease the number of new coins entering the Bitcoin network.

The total Bitcoin supply is fixed at 21 million bitcoins. This figure is based on calculations you can read about in the Bitcoin whitepaper Once 21 million bitcoins have been generated by miners in the Bitcoin network, then the finite number of bitcoins that will ever be issued has been reached and no more bitcoins can be created.