Bitcoin ‘halving’ will deal big blow to crypto miners

FILE PHOTO: Representation of Bitcoin cryptocurrency is seen in this illustration taken January 11, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

NEW YORK: For enthusiasts of bitcoin, a once-every-four-years software update called the “halving” has long been held as one of the keys to propping up its value.

This time around, it’s also set to trigger multi-billion-dollar declines in revenue for the very companies that ensure the digital currency’s smooth functioning, right on the heels of a surge in their biggest costs.