The Bitcoin blockchain is designed to reduce block rewards(for miners) by half every 210,000 blocks, through a process called halving. Since each block takes a time of roughly 10 minutes to be created, the amount of time needed to create these 210,000 is roughly 4 years.
However it varies from time to time because every block does not exactly take 10 minutes. Some take a little more and some take a little less.
Also Read: Top 5 Cryptos that Undergo Halving like Bitcoin
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Why does Halving occur at all?
Bitcoin halving occurs as a built-in feature of the Bitcoin network to ensure its scarcity and control inflation, modeled closely after the concept of precious metals mining, where the resources become harder to extract over time.
Also halving makes it sure that the miners are not reliant just on new bitcoins to get incentivized rather they are dependent increasingly on the transaction fee.
This mechanism is part of Bitcoin’s original design by its anonymous creator, Satoshi Nakamoto, to mimic a form of digital gold.
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