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A halvening (or halving) is a deflationary blockchain event where block subsidies or rewards received for validating transactions decrease by half. It is significant in the sense that it reduces the rate of supply coming into circulation at every instant, and thus increases the scarcity by bringing fewer and fewer units of coins/tokens into existence. These events are programmed directly into the code and made known in advance. For instance, Bitcoin rewards are programmed to decrease approximately every four years.

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