Bitcoin world faces 'halving': what's happening?

Bitcoin was once the preserve of Internet geeks and hobbyists, but it has since exploded in popularity. — AFP

LONDON: 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.