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In key cutting terminology, 'Cutting' a key refers to the process of removing material from a key blank in order to create the specific pattern that will allow it to operate a lock. This involves using a key cutting machine or other tools to carve out grooves and notches on the blank, which correspond to the internal mechanisms of the lock. The precise cuts determine how the key will fit into its associated lock, ensuring that it engages properly to either open or close the locking mechanism.

The other choices represent different concepts that are not synonymous with the term 'Cut' in this context. Producing a new key from a blank incorporates the cutting process but does not specifically highlight the action of removing material. Encrypting digital keys relates to information security rather than physical key creation. Analyzing a key's structure involves studying the key but does not involve the act of cutting it. Thus, focusing on the removal of material distinctly defines the cutting process in the realm of locksmithing.