RATE Group | Bitcoin undergoes third ‘halving’, falls vs U.S. dollar | News
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Bitcoin undergoes third ‘halving’, falls vs U.S. dollar | News

11 May Bitcoin undergoes third ‘halving’, falls vs U.S. dollar | News

Posted at 22:34h in Bitcoin News by

by Thomson Reuters

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) – 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.=btsp>

“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…

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