May 11, 2020 / 7:49 PM / 15 days ago

Bitcoin undergoes 3rd 'halving', trims losses vs U.S. dollar

NEW YORK, May 11 (Reuters) - Bitcoin pared losses on Monday, after it went through a technical adjustment that reduces the rate at which new coins are created.

Monday’s “halving” cuts the rewards given to those who “mine” bitcoin to 6.25 new coins from 12.5.

Bitcoin relies on so-called “mining” computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded new bitcoins.

In afternoon trading, bitcoin was last down 2.2% against the dollar at $8,529.70. It was trading lower all day. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler)

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