RATE Group | Bitcoin undergoes 3rd ‘halving’, falls vs U.S. dollar
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Bitcoin undergoes 3rd ‘halving’, falls vs U.S. dollar

12 May Bitcoin undergoes 3rd ‘halving’, falls vs U.S. dollar

Posted at 06:06h in Cryptocurrency News by

Artur Widak | NurPhoto | Getty Images

Bitcoin slid on Monday in volatile trading, after it went through a technical adjustment that reduced the rate at which new coins are created, but the outlook remained upbeat as the increase in supply slows down.

Monday’s “halving” cuts the rewards given to those who “mine” bitcoin to 6.25 new coins from 12.5.

Bitcoin relies on so-called “mining” computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded new bitcoins.

In afternoon trading, bitcoin was last down 1% at $8,647.99 against the dollar at $8,728.25. It briefly turned higher.

“The incentive is less for miners now to mine bitcoin and they will probably switch to more profitable cryptocurrencies. So in the short term, there’s going to be pressure for bitcoin,” said Edward Moya, senior market analyst at OANDA in New York.

“But longer-term, you’re probably going to see…

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