The word “halving” in the context of cryptocurrencies describes a procedure that lowers the rate at which new coins are issued. Actually, halving refers to the regular reduction of the block subsidy given to miners. A cryptocurrency asset will be issued at a constant pace until its maximum supply is ultimately achieved thanks to the halving.
As part of the block reward in Bitcoin, new coins are constantly being created (which is made up of the block subsidy plus transaction fees). Therefore, a miner receives newly generated coins as payment for their labor each time they successfully “find” and “verify” a new block.