RATE Group | Reward for mining bitcoin blocks will be halved on 12 May
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Reward for mining bitcoin blocks will be halved on 12 May

09 May Reward for mining bitcoin blocks will be halved on 12 May

Posted at 12:32h in Bitcoin News by

Bitcoin's value has fluctuated wildly in recent weeks. (Getty)
Bitcoin’s value has fluctuated wildly in recent weeks. (Getty)

Demand for bitcoin has surged in recent weeks as the halving countdown of the virtual currency draws closer.

The cryptocurrency has seen a sharp rise in interest from investors prior to the halving which will take place on Tuesday.

Halving is a technical process which cuts the number of new coins awarded per block to miners, reducing the bitcoin supply and keeping a lid on inflation.

Mining is a process of validating blocks of transaction by competing to solve mathematical puzzles every 10 minutes. The first miner to solve the puzzle is rewarded new bitcoins.

But every four years the mining reward is halved and on 12 May this will drop from 12.5 bitcoins per block mined to 6.25.

Bitcoin has not been immune to the coronavirus pandemic, as its value collapsed in mid-March to under $5,000 a coin, having previously sat at $10,000, just one month earlier.

READ MORE: Forget Bitcoin! I think the FTSE 250 is the better buy right…

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