Understanding Bitcoin’s Recent Rise and the Upcoming Halving

[kreslik.news]

The price of the digital currency bitcoin hit a two-year high, trading above $700 AUD on Monday morning after it spiked 21% over the weekend as traders raced in front of an event programmed to occur only once every four years called the “halving,” an adjustment to bitcoin’s protocol designed to reduce the supply of new Bitcoins by half.

“The halving reduces the amount of new Bitcoins available to be mined by exactly half to 12.5 down from 25 Bitcoins in a block which takes on average 10 minutes to produce.” says, Sam Lee, CEO of Bitcoin Group, Australia’s largest Bitcoin ... (read more)