As mentioned earlier, miners are rewarded with Bitcoin when they verify transaction blocks. This reward is halved every 210,000 blocks excavated or approximately every four years. This event is called halving or halvening. The system was built as a deflationary system (explanation: the withdrawal and destruction of banknotes in terms of governmental currencies) in which the rate of new Bitcoin entering into circulation is maintained. The system is designed so that the rewards for Bitcoin mining continue until approximately 2140. After all bitcoins are removed and all halves are completed; Miners will continue to be encouraged (to continue working) with the fees they receive from network users. It is hoped that healthy competition will keep wages low. This system increases Bitcoin's stock-to-flow ratio and lowers its inflation (until it eventually becomes zero). After the third halving on May 11, 2020, the reward for each block mined was 6.25 Bitcoin.