EVERY four years the value of bitcoin cryptocurrency is halved in a deliberate effort to slow down the number of coins ‘mined.’
At the onset of the coronavirus Covid-19 pandemic the value of a single bitcoin dropped to $4,200 (€3,876) but now a few days before the devaluation, it has jumped back to just below $10,000 (€9,232).
It is understood that the total number of bitcoins that can ever be mined is 21 million and the current number in existence is 18 million so the devaluation is in order to make it less attractive for the miners to spend significant sums to create new bitcoins until prices rise.
This time however, it may just be possible that there will be no slow down because of the recovery in value.
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