Put simply, the halving is an automatic 50% reduction in the number of bitcoin entering circulation.
“Guessing the endgame for Bitcoin after each halving is the ultimate sport,” said Antoni Trenchev, co-founder of crypto lender Nexo, in a statement.
Miners are essentially auditors on the bitcoin blockchain, using powerful supercomputers to validate transactions and getting paid for their work in bitcoin.
While long-term sentiments on bitcoin are bullish among the crypto faithful, the psychology around an event like the halving is hard to predict and can create volatility that’s extreme even by crypto standards.
“It wouldn’t be surprising to see the price of bitcoin increase significantly over the next two years.”
Persons:
CNN Business ’, it’s, ”, Antoni Trenchev, Gareth Rhodes, Molly White, John Sedunov, Jamie Dimon, JPMorgan Chase, Greg Beard, there’s, ” Beard
Organizations:
CNN Business, New York CNN, United, Miners, Villanova University, JPMorgan, Mining
Locations:
New York, United States, Asia, bitcoin