Bitcoin Price Drops 5% Amid ‘Halving’
Bitcoin, the digital money, has just undergone its second-ever “halving” event.
Hard-coded into cryptocurrency’s rulebook is a law that cuts in half the value of the digital payout that so-called miners receive for supporting the network with their computing power. The event happens about every four years. (More specifically, after every 210,000 blocks of transactions are processed.)
As Balaji Srinivasan, CEO of the Andreessen Horowitz-backed Bitcoin company 21, described it, the occasion is a sort of New Year’s Eve for financial futurists.