The Halving (or halvening) is an event that occurs roughly every 4 years – exactly every 210,000 blocks. It signifies the important time in which the block reward that is created for every block from that point forward, will be half of the previous 210,000 blocks. It is imperative to the deflationary nature of Bitcoin. The first halving took place in November 2012, when the block reward halved from 50 BTC per block, to 25BTC. two halvings later and we currently have a block reward of 6.25 BTC per block. The next halving will take place at some point in 2024 when the block reward will be set to 3.125 BTC. This is a completely autonomous process that is as old as Bitcoin itself.