Bitcoin's latest 'halving' has arrived

The "miners" who chisel bitcoins out of complex mathematics are taking a 50% pay cut - effectively reducing new production of the world's largest cryptocurrency, again. Bitcoin's latest "halving" occurred Friday night. Soon after the highly anticipated event, the price of bitcoin held steady at about $63,907. "halving," a preprogrammed event that occurs roughly every four years, impacts the production of bitcoin. That means the supply of coins available to satisfy demand grows more slowly. At the time of the last halving in May 2020, for example, bitcoin's price stood at around $8,602, according to CoinMarketCap - and climbed almost seven-fold to nearly $56,705 by May 2021.

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