Update – Markets
The cryptocurrency bitcoin will undergo a highly anticipated ‘halving’ event which occurs every four years to reduce the reward miners receive for mining new coins and help control inflation.
Monday’s halving—the third in bitcoin’s history—will cut the reward miners receive from 12.5 bitcoin to 6.25 bitcoin per block.
New blocks are mined by computers that solve complex math problems; right now, it takes about 10 minutes to mine a new block.
It’s estimated that because of built-in safeguards like halving events, which prevent too many blocks from being mined too quickly, all available bitcoin won’t be mined until 2140.
There is a limit on bitcoins that can be mined. right now, there are about 18.6 in circulation meaning there are less than 3 million remaining bitcoin to be mined.
This price of one bitcoin is about $8,868; it began the year hovering around $7,000 before surging above $10,000 in February and plunging below $5,000 in March.
This event is to have a dramatic impact on Bitcoin’s price. Bitcoin’s previous two halvings (in 2012 and 2016) had a major long-term impact on the price of the digital asset.
MARKET MONEY INFLATION BITCOIN