Bitcoin reached a new milestone this week as the 420,000th block was mined and the mining reward was halved from 25 BTC to 12.5 BTC. Other stories added their own drama this week, all of which carry consequences for the bitcoin community: HashOcean cloud mining appears to have closed down, leaving investors in the lurch; the E.U. is considering extensive regulation for money transfer businesses and prepaid cards, in the hopes of blocking funding for terrorism; and central banks around the world are wreaking all sorts of havoc on domestic fiat currencies.
Compiled from contributions by Jamie Holmes and Lori Brown
The Halving: What Bitcoin’s Block Reward Milestone Means
On July 9th the 420,00th block of bitcoin’s blockchain was mined, meaning the reward for mining blocks on the blockchain has been reduced for the first time since 2012. Because of the halving, prices have begun moving up for BTC in respect anticipation of the lower reward for blocks mined. There is much to be considered now in regards to where BTC’s price will go from here.