Ceteris paribus, halvings double the cost of producing a single unit of a PoW-based #cryptomoney like $BTC or $ZEC.
Cost of production is important for commodities, as it sets the price floor at which a producer is willing to sell.

As argued here, I believe PoW-based #cryptomonies classify as commodities: https://static1.squarespace.com/static/5a479ee3b7411c6102f75729/t/5cc4ad03f5a50f00010525e7/1556393220303/Value+Capture+and+Quantification_+Cryptocapital+vs+Cryptocommodities_Final.pdf
A halving's effect on price is a lagging one, driven by changes in miner economics and thereby the market structure of ASKS.
The earlier halvings are most material, as they represent a time when miners control more of the market structure.

We've seen it with $BTC, and expect to see it with $ZEC, now that #Zcash is through its 1st halving: https://www.nicehash.com/countdown/ZEC-halving-2020-11-17-12:00
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