What Is Bitcoin Halving?

Bitcoin as I understand it, is a math problem that needs to get solved by a computer. The computer requires electricity to run while solving this math problem. Once the math problem is solved a unique Bitcoin is produced and awarded to the owner of the computer equipment. Based on the efficiency of the computer system, and the cost of electricity, a given amount of Bitcoin can me "mined" from the computers at a set reward level for each amount of computing power contributed to solving the Bitcoin algorithm. Let's say $100 of electricity + 1000 part computing power = x amount of Bitcoin at today's rate of production. 

What happens if the rate of production were to slow down? That would further limit the amount of new Bitcoins coming into circulation. This would likely have a upward impact on the price of Bitcoin. Over the next 100+ years the amount of new Bitcoin will being produced will drop to zero. 

Halving is the method used to get us from the amount of new Bitcoin that's mined today down to the zero amount of new Bitcoin in a controlled predictable manner. The next halving is in a few years. Check out this link if you want to follow the countdown:

http://www.bitcoinblockhalf.com/

This is the next scheduled halving that will cut new Bitcoin production in half. Gonna be interesting!!