Hi shibes!
Many of you already know what the halvening is, many new shibes who joined us after the first halvening probably don't. (Welcome to all of you!). So here is the obligatory, official "What's the halvening?" post.

So... What IS the halvening?
For each block that is successfully mined, the miners receive a reward for their work. Up until block 145,000 the reward was random in a specific range. Since then, the reward has been 250,000Ð per block ( the transaction fees you pay per transaction). On each halvening, this reward... halves. Easy, right? ;D
So starting with block 200,001 the rewards will be 125,000Ð per block. For the full reward schedule, see e.g. here: https://github.com/dogecoin/dogecoin/blob/master-1.6/README.md

When will it happen?
Every 100,000 blocks (Until block 600,000, see above schedule). With the average block time of 60 secods, it takes about 69.44 days. You'll find it's not that exact due to mining being somewhat probabilistic.
Current estimate for the 2nd halvening is Monday, April 28th 2014, 12:36 pm GMT (Source)

Should I be worried?
No, you don't need to be. Everything happens automatically. Also you won't lose coins.

I'm a X, what does it mean for me?
Miner: For the same hashing power, you will get half as much Ð. If you got 1000 per day before, you'll now get 500 per day. (This also depends on the difficulty of course, which is hard to predict though)
Trader: Totally not my field of expertise. I won't give any trading advice here. Last time, the price was rising before the halvening. This time the market reaction seems to be a lot less euphoric.
Shibe: Wow. Such helvening. Much excite. Very hype.

Will this affect Multipools mining us?
This remains to be seen. Multipools are profit switching pools. If you receive half the coins and in the same time their price in exchange to the pool's payout currency doesn't rise, the profit will be cut half too. That would probably make other coins more profitable to mine by them. If suddenly our price rises by 100%, I'd guess we see multipools again. Not really easy to predict.

What does all that mean for the long term?
Well, seeing how this halvening goes gives us some valuable insight of how the network reacts to this cut in profitability. This information should be helpful towards our decision what to do about the PoW/PoS/Merged mining/xyz discussion.

Some more news

• 1.7 testing went pretty good so far. I'm certain that we can release it soon.
  
• The Android wallet will get paper wallet sweeping soon. Thanks to /u/patricklodder, the last show stopping bug has been fixed.
  
• The dev fund has passed the half-million mark. Thanks to everyone who contributed!
  

What about...?
As ususal, I keep forgetting stuff, so just ask here :)

TL;DR

^{Credits to /u/Alame for an older halvening prost from where I took some parts of this and reworded it.}