RATE Group | Bitcoin prices spike as halving approaches
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Bitcoin prices spike as halving approaches

09 May Bitcoin prices spike as halving approaches

Posted at 08:27h in Bitcoin News by

Bitcoin prices spike as halving approaches

Local exchange reports highest volume since 2017, 66% price jump in last month

(Reuters photo)
(Reuters photo)

Demand for bitcoin has surged again as the halving countdown of the virtual currency will occur in a few days, with millions of baht being traded daily on a local digital asset exchange.

Bitcoin halving occurs once every four years, and the latest halving will take place on Tuesday morning local time. Halving is when cryptocurrency-mining companies and individuals find out the reduced payment that they will receive in return for their contribution to the system’s smooth operation.

By design, the number of bitcoins in existence is capped at 21 million.

The first halving began at a value of US$2.01 per bitcoin in 2012, with the reward reduced to 25 bitcoins per block. The second halving began in 2016 when bitcoin was…

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