Tuesday, July 12, 2016

Bitcoin mining reward halved

Just recently, a memorial day for Bitcoin miners came. As it planned, mining reward for Bitcoin miners has halved.

ITProPortal: Bitcoin mining rewards just dropped by 50 per cent

Bitcoin is a crypt-currency. Everyone can possess Bitcoin in their digital wallet. When the transaction of Bitcoin is ordered, Bitcoin miners create and check the code of Blockchain in which all transaction processes are recorded. Examining Blockchain is a very tough task for a computer. Therefore, miners share the task, and they gain Bitcoin as a reward for calculating Blockchain.

This reward is programmed to be halved for every certain period. Finally, Bitcoin will no more be born. After that, people requesting transaction will pay the reward for miners.

Some people prospected that halving period would contribute to the increase of the value of Bitcoin. After the period, Bitcoin will become rare, meaning that its price will be doubled, theoretically.

However, the market seems to have predicted the increased value. For recent some days, the price of Bitcoin has been very stable. The most dramatic change in recent months was caused following Brexit vote.

Now, Bitcoin is gradually infiltrating in our society. It is still deemed as a geeks’ toy. On the other hand, Bitcoin is one of the most reliable currencies in some countries whose economy is very fragile.

In the near future, Bitcoin is expected to overcome the issue of scalability. It will enhance the value of Bitcoin much.

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