Investors are hopeful that a major event called the bitcoin “halving,” happening next month, could drive the price of the cryptocurrency to new record highs.
Bitcoin, after a lengthy slump, is back in the headlines and breaking records once again. It recently reached a record high of over $70,000 amid positive developments in the crypto space and general optimism. And the coming halving could further provide a boost for the cryptocurrency, one that experts say might have some staying power.
Halving is part of bitcoin’s complicated design. To “mine” for bitcoin, high-powered computers are used to verify virtual coin transactions. Bitcoin operates on what is known as a blockchain, essentially a public ledger, that contains the history of every transaction. The miners’ computers solve complicated math problems in order to add new blocks to the chain and are
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