Bitcoin has just gone through a much-hyped adjustment that reduced the rate at which new coins are created.
The world’s biggest cryptocurrency’s so-called “halving” happens roughly every four years.
The digital currency relies on what are known as “miners”, who run software that races to solve complex maths puzzles in return for Bitcoins.
Monday’s halving event means that the reward for unlocking a “block” has been cut from 12.5 new coins to 6.25.
Halving was written into the cryptocurrency’s code by its creator, who is known as Satoshi Nakamoto, to control inflation.
Source: BBC Technology News
Date: May 20th, 2020
- Do you understand how bitcoin mining works?
- What is the impact on bitcoin miners when “halving” occurs?