{"id":4706,"date":"2024-04-20T01:22:15","date_gmt":"2024-04-20T01:22:15","guid":{"rendered":"https:\/\/internationalpulse.net\/?p=4706"},"modified":"2024-04-20T01:22:15","modified_gmt":"2024-04-20T01:22:15","slug":"halving-arrives-for-bitcoin-miners","status":"publish","type":"post","link":"https:\/\/internationalpulse.net\/?p=4706","title":{"rendered":"‘Halving’ arrives for bitcoin miners"},"content":{"rendered":"

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A man walks past a bitcoin poster in Hong Kong on April 15, 2024 – Copyright AFP DALE DE LA REY<\/small><\/em><\/p>\n

The bitcoin market on Friday engineered the \u201chalving\u201d of the reward for operating the cryptocurrency, a much-anticipated step designed to limit production and boost the digital money.<\/p>\n

\u201cThe 4th #Bitcoin halving is complete!,\u201d announced cryptocurrency exchange Binance on X, the former Twitter.<\/p>\n

\u201cThe countdown has been reset \u2014 see you in 2028.\u201d<\/p>\n

Bitcoin is created as a reward when computers solve complex puzzles to decide which miner wins the privilege to validate the block \u2014 and receive the reward in bitcoins.<\/p>\n

However, since the digital currency\u2019s launch in 2009, the reward has been halved for every 210,000 blocks in a process called halving.<\/p>\n

With one block validated roughly every ten minutes, this critical industry event occurs just under every four years.<\/p>\n

The reward, which was fixed since May 2020 at 6.25 bitcoins per new block, has now fallen to 3.125 bitcoins.<\/p>\n

Bitcoin was conceived in 2008 by a person or group writing under the pseudonym Satoshi Nakamoto.<\/p>\n

The halving process slows the rate at which new bitcoins are created, thereby restricting supply.<\/p>\n

The reward amount has been trimmed over time, via halving, to implement Nakamoto\u2019s overall global limit of 21 million bitcoins.<\/p>\n

But this ceiling is due to be reached by 2040.<\/p>\n

\u2013 Controlling supply \u2013<\/p>\n

\u201cThe primary purpose of halving is to control bitcoin\u2019s supply,\u201d City Index analyst Matthew Weller said in a research note ahead of the event.<\/p>\n

\u201cBy slowing the rate at which new bitcoins are created, halving helps to maintain scarcity and potentially increase the cryptocurrency\u2019s value, assuming demand remains steady or increases,\u201d he added.<\/p>\n

The price of bitcoin has blazed a record-breaking trail on the prospect of reduced supplies, as well as big moves toward greater trading accessibility.<\/p>\n

Bitcoin has rocketed by 50 percent in value since the start of the year, climaxing last month at a record $73,797. Prices have fallen in recent days.<\/p>\n

\u201cThis is the first time that bitcoin beat the previous historical record before the halving has even taken place,\u201d said eToro analyst Simon Peters, noting there had been a pullback in recent days.<\/p>\n

Commercial bitcoin mining companies operate thousands of computers in huge hangers or warehouses, consuming large amounts of electricity at a vast cost.<\/p>\n

Halving therefore represents a major survival test for such companies because it slashes their main income source.<\/p>\n

\u2013 Reduced margins \u2013<\/p>\n

Faced with the prospect of reduced margins, bitcoin players have invested heavily in cutting-edge new computers, in tandem with an efficiency drive which in particular seeks to slash energy costs.<\/p>\n

In addition, some mining companies will have to \u201cturn off some of their machines to cut costs, which equates to fewer bitcoins being created,\u201d said Manuel Valente, founder of cryptoasset investment group Coinhouse.<\/p>\n

\u201cAnd if the price of bitcoin goes down, their profitability decreases\u201d further, he told AFP.<\/p>\n

Halving therefore exposes the weakest bitcoin mining firms, and could potentially spark a fresh wave of sector consolidation in a survival of the fittest, commentators say.\u00a0<\/p>\n

At around 0030 GMT, after the halving had taken place, the price of bitcoin was up 0.7 percent at $63,467.46.<\/p>\n<\/p><\/div>\n

‘Halving’ arrives for bitcoin miners
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#Halving #arrives #bitcoin #miners<\/p>\n","protected":false},"excerpt":{"rendered":"

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