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A halving is a 50% reduction in the block reward miners receive for validating transactions on the Bitcoin network. This happens every 210,000 blocks, or approximately every four years. The first Bitcoin halving occurred on November 28th, 2012, when the block reward went from 50 BTC to 25 BTC. The second halving occurred on July 9th, 2016, bringing the block reward down to 12.5 BTC. And finally, the third and most recent halving happened on May 11th, 2020, reducing the block reward to 6.25 BTC. The last bitcoin halving is predicted to occur in 2040, after which block rewards will not be in the form of bitcoin. After the last halving occurs, miners will be rewarded with fees from network users (i.e., people who buy and sell bitcoin) so that they are incentivized to continue processing transactions on the bitcoin blockchain. bitcoin misguided fear government money creation