The halving of popular cryptocurrency Bitcoin is widely expected in April and the quadrennial event has lifted the crypto market in recent weeks.
The halving, which slows the rate of new bitcoins issued into the network, is a highly anticipated event in the digital asset space, particularly as Bitcoin is the most dominant cryptocurrency by market capitalisation.
Crypto exchange Coinbase says the halving is expected between April 16 and April 20.
The Straits Times looks at what halving is and its potential impact.
Q What is Bitcoin halving?
A Based on blockchain technology, Bitcoin has a protocol, or a set of digital rules, that is governed by different stakeholders, including developers, users and miners.
Miners solve complicated maths problems to verify transactions in the blockchain and this process adds new blocks to the Bitcoin network. The protocol dictates that each new block in the blockchain that is mined will introduce fresh bitcoins into circulation.
After the network mines 210,000 blocks, which takes about four years, the bitcoin reward given to miners for processing transactions is cut in half.
This is the halving mechanism that is written into the blockchain's protocol.
The halving will continue every four years until about 2140, when the maximum supply of 21 million bitcoins is reached.
هذه القصة مأخوذة من طبعة April 11, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة April 11, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
MIDFIELD MISHAP RUINS SEND-OFF
Netherlands beat Iceland 4-0 but de Jong, Koopmeiners ruled out of Euro with injuries
Inconsistent Clark seeks momentum at US Open
Defending US Open champion Wyndham Clark is frustrated because he has not played consistently in recent weeks and he is not even sure why practice success is not replicated in competition.
FOREST GOLD IS FIT AGAIN, HAS EYE ON STAMINA TEST
Southern Speed and Great Command also look polished in gallops on training track
Tim Cook controls the iPhone, so he's the new AI kingmaker
Apple’s OpenAl deal means it acknowledges it is behind on Al, but make no mistake, it is temporary outsourcing.
Singapore steps up scrutiny of family offices and hedge funds
Authorities demanding more data, ramping up closures of dormant firms in wake of scandals
Platform helps firms boost IT ops via hybrid multi-cloud solutions
Developed by Nutanix and Dell, it lets them operate different applications from one place
Apple looks to AI as way of reversing fall in iPhone sales
Apple’s developer conference on June 10 was about more than infusing its software with the latest artificial intelligence (AI) technology, including from ChatGPT.
Jail for man who kept scamming victims even while out on bail
He was released on bail three times but kept up cheating spree until kept in remand
Singapore employers turning to Tik Tok to recruit staff
Firms say video-sharing platform allows them to connect with Gen Z talent
Two S'pore firms to test mobile charging service for EVs until 2028
2 others get permits to test battery charging and swopping for electric heavy vehicles
