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Bitcoin world faces ‘halving’: what’s happening?

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Bitcoin miners, whose computer processors enable the running of the world’s most popular virtual currency, will soon face an event that takes place every four years and alters the profitability of the hi-tech industry.
So-called halving is when cryptocurrency-mining companies and individuals find out the reduced payment that they will receive in return for their contribution to the system’s smooth operation.
Bitcoin was created in 2008 by a person or group writing under the pseudonym Satoshi Nakamoto as a peer-to-peer decentralised electronic cash system.
The virtual unit was once the preserve of internet geeks and hobbyists but it has since exploded in popularity, with mining performed by huge banks of computers.

– How does mining work? –

Bitcoins are traded via a decentralised registry system known as a blockchain.
The system requires massive computer processing power in order to manage and implement transactions.
That power is provided by miners, who do so in the hope they will receive new bitcoins for validating transaction data.
The system poses a complex computer puzzle to decide which miner wins the privilege to validate the block and thus receive the reward.

ALSO READ: Bitcoin: U.S. Justice Dept charges three men for alleged $722 fraud

“To understand halving, it is important to remember the role of miners, who are basically responsible for the bitcoin network security,” ThinkMarkets analyst Fawad Razaqzada told AFP.
“Each time a block of bitcoin transaction takes place, they need to be verified by miners. The miner that verifies each block gets a reward for its work with more, newly created, bitcoins.”

– What is halving? –

This occurs every four years and basically involves the halving of the reward from bitcoin mining.
The cryptocurrency’s first “halving” occurred in November 2012, and the second in July 2016. The third is widely expected to take place around next Tuesday.
“Halving will impact profitability of mining bitcoin because work and resources will need to double in order to achieve the same reward as before,” added Razaqzada.
“However, if the value of bitcoin appreciates significantly then this will offset some of the costs.”
Commercial mining operations often occupy huge hangers or warehouses, and consume large amounts of electricity to power and cool the computers, which is a considerable cost in addition to equipment.

Why reduce the reward? –

The reward was originally set at 50 bitcoins but it was subsequently reduced to 12.5 and will likely reach just 6.25 next week.
The amount has been trimmed over time in order to implement an overall global limit of 21 million bitcoins.
“With the supply of bitcoins mandated to eventually reach the limit of 21 million, the creator(s) of the digital currency had decided that these rewards must decay exponentially, otherwise supply will not be controlled,” added Razaqzada.
“So, the network is programmed to cut the reward every 210,000 blocks, or about every four years,” he said, noting that the halving date depended on mining activity.

– What is bitcoin worth? –

Bitcoin stood late Tuesday at $9,200 after a choppy few months linked to coronavirus markets turmoil.
That compares with $7,100 at the start of the year, according to Bloomberg data, but it remains far from the record high $19,511 hit in December 2017.
“February and March were rough months for bitcoin like other risk assets, but the digital currency has staged the most impressive recovery,” said Razaqzada.
“This is partly due to the fact some investors consider bitcoin to be a safe-haven asset, while some have undoubtedly bought speculatively ahead of the so-called ‘halving’ event in anticipation (that) we may see the value of the cryptocurrency appreciate.”
[AFP]

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Video: Mojisola Oduola -Kabiyesi

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At last the long awaited video is out . KABIYESI The unquestionable God.

watch and make sure you subscribe to my YouTube channel. May God bless you as you do so.

This will surely serve as my birthday gift from my love ones.
Click on the link below

CLICK TO DOWNLOAD

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Funny tweets, memes and videos from Twitter NG for “Happy 420”

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Today’s date, April 20, stylised as 4/20 is a day worldwide commemorated by stoners or smokers of weed to celebrate marijuana. In short, it is treated as a public holiday for weed/marijuana and termed—Happy 420.

Twitter NG i.e users of Twitter in Nigeria, as it is the yearly custom are trending “Happy 420” as the number one topic in the country. While many really used the medium to share their unwavering love for weed, others have taken it upon themselves to make funny tweets, memes, skits and share several videos in relation to weed smoking and “Happy 420” as an entity.

While some tweeps take jab at those who don’t smoke weed but indulge in the “woke” culture by wishing stoners a “Happy 420”, others in their own way intentionally misinterpret certain scriptural verses for comedic purpose in order to aid and bait their smoking habits, still others take it upon themselves to disperse various memes which for sure will bring a smile upon your face. That’s not all, though, for we have some tweeps who did brainstorm to form some of the best puns concerning weed and stoners jokes ever. Well we can say irrespective of the way they passed their message regarding “Happy 420”, they all ended on a high note. Enjoy!

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FG to extend fuel subsidy for 6 months

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The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.

“Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.

What you should know

NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
“NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

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