Bitcoin passed its anticipated ‘halving’ event yesterday – the third time in the cryptocurrency’s history that the rate of its production is cut in half – leading to a price rise.
Following the laving, blocks of bitcoin will now contain 6.25 units rather than 12.5 when they are mined, making generating bitcoins twice as difficult.
Programmed to take place every four years as an anti-inflationary measure to limit the amount of virtual currency on the market and ensure its scarcity, the pre-programmed event is highly anticipated by the industry due its impact on the price, and as a result, the virtual unit was trading 1.6 per cent higher at US $8,897 in Asia this morning.
Previous halving events have led to record price surges, prompting market analysts to predict another possible price hike, though given its turbulent history, scepticism about Bitcoin's future prospects remains.
