- The rate will continue to be halved 62 more times until all 21 million bitcoins have been uncovered.
- The software that underpins bitcoin dictates that there can ever only be 21 million units of the cryptocurrency.
- According to the software that underpins bitcoin, only 21 million bitcoins can ever exist, and they are slowly being discovered over time by “bitcoin miners” – computers set up to solve complex mathematical equations and uncover the next block in the currency’s software or “blockchain.”
- When a miner uncovers a new block, the miner is rewarded with a certain number of bitcoins.
- Bitcoin price surges as flow of new coins set to drop by half June 14, 1:41 PM ET
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@CBCBusiness: “Bitcoin price surges as flow of new coins set to drop by half”
The value of a bitcoin has risen to its highest level since 2014 as the software code that underpins the cryptocurrency is set to cut the amount of new coins being created by half.
Bitcoin price hits 2-year high above $700 US