Halving Ho-Hum; Bitcoin Roller Coaster Resumes

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MISSION ACCOMPLISHED

Bitcoin’s halving, a once-every-four-year event that cuts the reward miners receive for each new coin they create in half, was executed without a hitch Monday afternoon. If the trend that followed its first two halvings continues, its price could soar to all-time highs in the next year. Twin brothers Cameron and Tyler Winklevoss, the founders of the Gemini exchange, said, “We’re set for another order of magnitude step up — whether $20,000 is the bitcoin base, maybe we see $100,000.”

On the supply side, the halving magnifies the importance of cost efficiency for miners. With the return for mining each bitcoin becoming suddenly less enticing, the average breakeven price for miners could be at least $10,000, not far from where the price of bitcoin is…