Top World News
'Almost Every World Leader Grabs My Arm, Says You've To Win': Joe Biden
04/24/24 8:12 AM
If the United States stepped off the world stage, who would lead the world, US President Joe Biden asked his fellow countrymen as he slammed his November challenger for making such an argument.
'Halving' arrives for bitcoin miners
04/20/24 11:40 AM
The bitcoin market on Friday engineered the "halving" of the reward for operating the cryptocurrency, a much-anticipated step designed to limit production and boost the digital money."The 4th #Bitcoin halving is complete!," announced cryptocurrency exchange Binance on X, the former Twitter."The countdown has been reset -- see you in 2028."Bitcoin is created as a reward when computers solve complex puzzles to decide which miner wins the privilege to validate the block -- and receive the reward in bitcoins.However, since the digital currency's launch in 2009, the reward has been halved for every 210,000 blocks in a process called halving.With one block validated roughly every ten minutes, this critical industry event occurs just under every four years.The reward, which was fixed since May 2020 at 6.25 bitcoins per new block, has now fallen to 3.125 bitcoins.Bitcoin was conceived in 2008 by a person or group writing under the pseudonym Satoshi Nakamoto.The halving process slows the rate at which new bitcoins are created, thereby restricting supply.The reward amount has been trimmed over time, via halving, to implement Nakamoto's overall global limit of 21 million bitcoins.But this ceiling is due to be reached by 2040.- Controlling supply -"The primary purpose of halving is to control bitcoin's supply," City Index analyst Matthew Weller said in a research note ahead of the event."By slowing the rate at which new bitcoins are created, halving helps to maintain scarcity and potentially increase the cryptocurrency's value, assuming demand remains steady or increases," he added.The price of bitcoin has blazed a record-breaking trail on the prospect of reduced supplies, as well as big moves toward greater trading accessibility.Bitcoin has rocketed by 50 percent in value since the start of the year, climaxing last month at a record $73,797. Prices have fallen in recent days."This is the first time that bitcoin beat the previous historical record before the halving has even taken place," said eToro analyst Simon Peters, noting there had been a pullback in recent days.Commercial bitcoin mining companies operate thousands of computers in huge hangers or warehouses, consuming large amounts of electricity at a vast cost.Halving therefore represents a major survival test for such companies because it slashes their main income source.- Reduced margins -Faced with the prospect of reduced margins, bitcoin players have invested heavily in cutting-edge new computers, in tandem with an efficiency drive which in particular seeks to slash energy costs.In addition, some mining companies will have to "turn off some of their machines to cut costs, which equates to fewer bitcoins being created," said Manuel Valente, founder of cryptoasset investment group Coinhouse."And if the price of bitcoin goes down, their profitability decreases" further, he told AFP.Halving therefore exposes the weakest bitcoin mining firms, and could potentially spark a fresh wave of sector consolidation in a survival of the fittest, commentators say.At around 0030 GMT, after the halving had taken place, the price of bitcoin was up 0.7 percent at $63,467.46.
11 Of The Best Things To Do In London This Mother's Day And Paddy's Day Weekend
03/17/23 5:02 PM
It's a Mother's Day *and* Paddy's Day double whammy, people.View Entire Post ›
17 Very British Tweets About The Very British Queue To See The Very British Queen's Coffin
09/24/22 1:25 AM
"If you’re British, this is the queue you’ve been training for all your life. The final boss of queues."View Entire Post ›
5 migrants die while crossing English Channel hours after the U.K. approved a deportation bill
04/23/24 9:28 AM
Five people, including a child, died while trying to cross the English Channel from France to the U.K., French authorities said Tuesday, just hours after the British government approved a migrant bill to deport some of those who entered the country illegally to Rwanda.
12/08/22 8:18 AM
Trevor Reed's release from Russia highlighted concerns over the continued detention of WNBA star Brittney Griner and another former Marine, Paul Whelan.View Entire Post ›
A legal challenge over the UK's role in arms sales to Israel will go ahead
04/24/24 4:05 AM
A judge says a legal challenge over the British government’s role in allowing weapons to be sent to Israel can be heard at the High Court later this year
11/07/22 4:48 PM
A researcher doubts WhatsApp's claim that Communities will "meaningfully reduce the spread of potentially harmful misinformation."View Entire Post ›
A Nightmarish New Report Has Detailed Russia’s War Crimes In Ukraine
03/16/23 1:57 PM
A new UN-backed report released Thursday found Russia has committed war crimes and likely crimes against humanity during its yearlong invasion of Ukraine.View Entire Post ›
A top Russian military official reportedly linked to Ukraine's Mariupol arrested for bribe-taking
04/23/24 5:42 PM
Russian authorities say they have detained a top military official on suspicion of accepting a bribe