Sunday July 10, 2016

Bitcoin Miners Face Fight For Survival As New Supply Halves

Bitcoin miners will see drastically reduced returns beginning this weekend, as the "four year" rule written in bitcoin’s code will kick in. The most efficient miners should actually benefit from this, as competition will be eliminated.

آ…the reward for miners will be slashed in half. Written into bitcoin's code when it was invented in 2008 was a rule dictating that the prize would be halved every four years, in a step designed to keep a lid on bitcoin inflation. From around 1700 GMT on Saturday, instead of 25 bitcoins up for grabs globally every 10 minutes, worth around $16,000 at the current rate BTC=BTSP, there will be just 12.5. That means only the mining companies with the leanest operations will survive the ensuing profit hit.