Bitcoin goes through third ‘halving’, falls vs USD; outlook remains upbeat

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. The next halving will be in 2024.

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 …

First Published: Tue, May 12 2020. 11:40 IST