“The halving,” a preordained event in the code of Bitcoin that happens every four years, is upon us again. Once it occurs—perhaps as soon as this month—the reward every miner receives for mining the digital asset is immediately cut in half.
“There will be a day when miners come to work and they mine roughly half the number of Bitcoin they mined the day before,” says Tyler Page, chief executive of Cipher Mining Technologies Inc. “The halving is a natural phenomenon in Bitcoin that disciplines the entire market and forces it to become more efficient.” As it turns out, each time it’s happened in the past, Bitcoin prices eventually hit a new record. Still, the event comes as some miners are looking for a hedge—specifically by branching out into artificial intelligence. In the mini-documentary Where Bitcoin and AI Meet, Bloomberg Originals explains how the two hottest technologies of the 21st century are coming together.
