The "halving" event in Bitcoin's protocol refers to the process of reducing the rewards miners receive for verifying transactions by half approximately every four years. This event is significant because it helps control the supply of new Bitcoins entering circulation, making the digital currency more scarce and potentially driving up its value over time. Additionally, the halving event is built into Bitcoin's code to ensure a predictable issuance schedule, which adds to its decentralized and deflationary nature.
