Bitcoin experienced another halving event on Saturday night, making it even scarcer. This process reduces the reward for verifying bitcoin transactions and adding them to the blockchain. This time, the reward has been halved from 6.25 bitcoins to 3.125 bitcoins per block created, with the process set to continue until a maximum of 21 million bitcoins is in circulation, projected to be in 2140.
As new bitcoins enter circulation less rapidly due to this halving process, their scarcity is expected to increase the value of the cryptocurrency. In fact, last month Bitcoin hit a new record high of $73,797 and has increased in value by over 50 percent since the beginning of the year. The surge in value is attributed to various factors such as approval of listed bitcoin funds in the United States which made it more accessible to a wider range of investors and increased demand.
At around 4:30 am Belgian time on Sunday morning, the price of bitcoin was approximately $63,700. Ongoing halving events coupled with increased accessibility and demand for bitcoin are some of the factors contributing to its rising value.
