Mining for bitcoins just got a lot harder

They might be up in value, but they’re down in supply. Bitcoins, everyone’s favorite cryptocurrency, are in high demand, but they’re getting harder and harder to mine for. And that’s actually written into the code. Every four years, Reuters reports, the reward for bitcoin miners is cut in half, in a move that was originally designed to keep bitcoin inflation in check. So on Saturday, rather than 25 bitcoins being made available to miners every 10 minutes, there were just 12.5.

Being that they’re not physical pieces of currency, bitcoins are brought into circulation by people known as “miners.” These individuals run tens of thousands of computers at all hours of the day in order to process blocks of the latest bitcoin transactions, with rewards coming in the form of new bitcoins. In effect, these miners keep tabs on and validate the 225,000 bitcoin transactions that occur on a daily basis, and as a result, continuously increase the amount of currency in circulation (the current value of which is estimated to be $10 billion).

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Read more ... source: TheBitcoinNews