A highly anticipated Bitcoin software update called the “halving” has been completed, dealing a potential blow to the companies that make money by ensuring that the digital currency functions smoothly and securely.
The once-every-four-years event cut in half the so-called mining reward, which is the amount of Bitcoin released from the network to compensate companies known as miners for validating transactions. The modification went into effect as of 8:10 p.m. Friday evening New York time, according to data from analytics website mempool.space and Blockchain.com. The price of Bitcoin was little changed near the $64,000 level following the halving.