Bitcoin and Litecoin both reward “miners” who process transactions and secure the network, with a reward – a combination of variable transaction fees and a predetermined “subsidy” that gets halved approximately every four years. (With Litecoin, they happen every 840,000 transaction blocks, and the average time to generate each block is about 2.5 minutes.)
Source: https://www.coindesk.com/tech/2023/08/02/litecoin-undergoes-third-halving-in-milestone-for-12-year-old-blockchain/?utm_medium=referral&utm_source=rss&utm_campaign=headlines