Halving is an integral part of the economic model of cryptocurrencies, as it is responsible for the stable rate of creation of new coins and its further regulation. This controlled level of monetary inflation is one of the main differences between cryptocurrencies and traditional fiat currencies, which essentially have an infinite circulating supply.
As of July 2019, only two halvings have taken place. This happened on November 28, 2012 and July 9, 2016. During the first halving, the price for one bitcoin was $ 12.31, and during the second similar event, the value of the coin was at $650.63.
A total of 32 halvings are planned. Once all of these occur, the creation of new bitcoins will be impossible, thus achieving the maximum coin supply oriented in 2144 year.
Bitcoin halving is an important function in the coin protocol. The code can be found on Bitcoin Core Github, and below is a code snippet that makes Bitcoin halving possible. It states that the block reward will be halved every 210,000 blocks.
