Bitcoin world faces ‘halving’: what’s happening?

Bitcoin miners, whose computer processors enable the running of the world’s most popular virtual currency, will soon face an event that takes place every four years and alters the profitability of the hi-tech industry.

The system poses a complex computer puzzle to decide which miner wins the privilege to validate the block and thus receive the reward. The cryptocurrency’s first “halving” occurred in November 2012, and the second in July 2016. The third is widely expected to take place around next Tuesday. Commercial mining operations often occupy huge hangers or warehouses, and consume large amounts of electricity to power and cool the computers, which is a considerable cost in addition to equipment.The reward was originally set at 50 bitcoins but it was subsequently reduced to 12.5 and will likely reach just 6.25 next week.

“So, the network is programmed to cut the reward every 210,000 blocks, or about every four years,” he said, noting that the halving date depended on mining activity.Bitcoin stood late Tuesday at $9,200 after a choppy few months linked to coronavirus markets turmoil.

Source: Digital Coin News (digitalcoinnews.net)

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