Bitcoin halving is a process of reducing the mining reward for every Bitcoin block mined. This event occurs every 210,000 blocks, which is roughly every four years, and aims to control the creation of new Bitcoins and keep inflation in check. Specifically, the reward for mining a block is cut in half, from 12.5 BTC to 6.25 BTC in the most recent halving event in May 2020. This reduction reduces the rate at which new coins are created and lowers the available amount of Bitcoin. As a result, it helps maintain the scarcity of Bitcoin and, in turn, supports its value.
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