Bitcoin world faces 'halving': what's happening?
Bitcoin miners, whose computer processors run the world's most popular virtual currency, will soon face the process of "halving" — a quadrennial phenomenon which alters the profitability of the industry.
The looming occurrence, due later this month, has helped send bitcoin racing to a string of recent record highs so far this year.
— What is bitcoin? -
Bitcoin was created in 2008 by a person or group writing under the pseudonym Satoshi Nakamoto as a peer-to-peer decentralised electronic cash system.
The virtual unit was once the preserve of internet geeks and hobbyists but it has since exploded in popularity, with mining performed by huge banks of computers.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details»Bitcoins are traded via a decentralised registry system known as a blockchain.
— How does mining work? -
Bitcoin is created, or mined, as a reward when computers solve complex puzzles to decide which miner wins the privilege to validate the block and thus receive the reward.
The system requires massive computer processing power in order to manage and implement transactions.
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