Bitcoin’s latest ‘halving’ has arrived. Here’s what you need to know

FILE – An advertisement for the cryptocurrency Bitcoin displayed on a tram, May 12, 2021, in Hong Kong. Sometime in the next few days or even hours, the “miners” who chisel bitcoins out of complex mathematics are going to take a 50% pay cut — effectively slicing new emissions of the world’s largest cryptocurrency in an event called bitcoin halving. (AP Photo/Kin Cheung, File)

PUBLISHED: April 18, 2024 at 5:04 p.m. | UPDATED: April 19, 2024 at 8:34 p.m.

By WYATTE GRANTHAM-PHILIPS (AP Business Writer)

NEW YORK (AP) — The “miners” who chisel bitcoins out of complex mathematics are taking a 50% pay cut — effectively reducing new production of the world’s largest cryptocurrency, again.

Bitcoin’s latest “halving” appeared to occur Friday night. Soon after the highly anticipated event, the price of bitcoin held steady at about $63,907.