A Bitcoin halving is taking place this week. Here’s everything you need to know and what to expect.
A Bitcoin halving is expected to take place on 20 April, marking the fourth time it has occurred since the cryptocurrency’s first block was mined in 2009.
This chaining from one block to the next is part of what secures blockchains against transaction information being altered.Once solved, the transactions are added to the blockchain in a way that makes it computationally infeasible to alter them.This process is called mining because the reward they receive is new bitcoin added to the economy.
The Bitcoin blockchain automatically adjusts mining difficulty, so every block takes about 10 minutes to solve. If the block reward remained constant, all bitcoins would have been mined in just under eight years. As a result, individual miners and mining companies experience a significant decrease in revenue — unless they hold onto the cryptocurrency and sell later, when the price will hopefully be higher.
These AI companies can also afford to pay three times as much for energy than the miners can, whose budgets depend on the price of Bitcoin.
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