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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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Mr Eazi proposes to Temi Otedola!

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For what seemed like a long while, celebrity power couple—Mr Eazi and Temi Otedola—are finally engaged as Oluwatosin Ajibade better known as Mr Eazi pops the heartwarming “Will you be my wife?” question to his girlfriend of 2 years Temiloluwa Otedola and she responded favourably in the affirmative “Yes” tone.

Fashion mogul and Icon Temi Otedola began dating artiste and music label CEO Mr Eazi in the year 2020 and have been living together ever since in their London apartment, sharing intimate moments, even meeting respective family members. This they’ve both shared in detail on their How Far? With Mr Eazi And Temi Otedola podcast.

Temi announced her engagement by posting the sea-side proposal of Mr Eazi on one knee asking the important question. The video goes by the simple caption of the infinity logo connoting they’re both locked in for life.

Congratulations to Temi Otedola and Mr Eazi!

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Nicki Minaj agrees “Essence” should be song of the year at the Grammys

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American superstar rapper, Nicki Minaj, shares the same sentiments as myriads of Wizkid fans and well-wishers worldwide, in that she concurs to the argument the trendsetting crossover record-breaking single from Wizkid’s 2020 released “Made In Lagos” album, Essence should be in the conversation for the coveted “Record of the Year” plaque at this year’s Grammy Awards.

Although “Essence” did not receive the much desired nomination in the category for “Record of the Year” at the 2022 Grammy Awards, it did get a nod for Best Global Music Performance, the first of its kind.

Irrespective of the snub, Nicki whilie on Joe Budden TV (YouTube) as a guest on the special episode tagged A Conversation With Nicki Minaj & Joe Budden agreed with the host (Joe Budden) when he said “We need people on the Grammy board that know that “Essence” was song of the year” with an exclamatory “Right! Right!” response. She even proffered, “We should have our own Grammy Board“, in support of many and the popular believe that Black Americans or black artistes in general are always stereotyped to a particular category at the award show, if indeed they made it to the top categories, they barely win; Nicki Minaj does not have a Grammy Award herself and that is still a shock to many, especially when considering her refined catalogue of music.

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Pheelz & Buju (BNXN) live the carefree lifestyle on “Finesse”

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After much teasing, the anticipated Finesse by Pheelz and Buju (now BNXN) hit DSPs across the globe and just like the teaser gave off, Finesse is a banger! It is produced by young producer under Pheelz’s wing known as Miichkel.

On Finesse, Pheelz and Buju live their life to the fullest, the carefree lifestyle is what they desire and they are determined to stay on that track for the time being. “I’ve been living the fast life but I see it in slow mo / And you see my lifestyle, I got Gs in the turbo / . . . / Bad girl sey she want Netflix & Chill / So I ja ticket give her warning / If you fall in love, girls it’s certain / You go chop breakfast, I’m not capping“, Pheelz explains on the first verse, even saying love and relationship cannot stop him from living the ‘ballers’ lifestyle; “I’d be dammed if there’s anybody that could be like me / I be like Mo’ Salah, coming up the right wing / I cut through your defender, you no need to tell me / I must finesse / And you know sey me I must net“, Buju braggingly adds on the second verse, saying he can score any chick that catches his eye and dish her the next minute.

listen to the popular joyous chorus “Ah finesse / If I broke na my business / Ama shana e go bright o / Folake for the nighr ohere or on Apple Music.:

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