The Bitcoin network completes the fourth-ever ‘halving’ of rewards to miners
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The Bitcoin network on Friday evening completed its fourth "halving," reducing the rewards earned by miners to 3.125 bitcoins from 6.25.
The price of bitcoin has been volatile ahead of the event, and fell about 4% this week to trade around $64,100, according to Coin Metrics.
Mechanically, the halving itself shouldn't affect the price of bitcoin in the short term, but many investors are expecting big gains in the months ahead, based on the cryptocurrency's performance after previous halvings. After the 2012, 2016 and 2020 halvings, the bitcoin price ran up about 93x, 30x and 8x, respectively, from its halving day price to its cycle top.
The event is a big test for mining companies, however.
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