Already a subscriber?A highly anticipated Bitcoin software update called the “halving” has been completed, dealing a potential blow to the companies that make money by ensuring that the digital currency functions smoothly and securely.the so-called mining reward, which is the amount of bitcoin released from the network to compensate companies known as miners for validating transactions.
Proponents of the original cryptocurrency such as MicroStrategy chairman Michael Saylor have touted it is a better store of value than traditional fiat currencies, which they say are more vulnerable to inflation. “Now the industry will have to wait and see whether a rally will occur in the coming weeks amid sustained institutional interest.”
The main impact from the halving is expected to be on Bitcoin mining companies rather than the actual price of the cryptocurrency. “Publicly-listed Bitcoin miners are well positioned to take advantage of the new environment, mainly due to greater access to funding and in particular equity financing,” JPMorgan analysts wrote in a note this week. “This helps them to scale their operations and invest into more efficient equipment.”
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