Ethereum, the world's second biggest cryptocurrency, was set on Thursday fo...
LONDON - Ethereum, the world’s second biggest cryptocurrency, was set on Thursday for major software upgrades that traders and analysts predicted would significantly reduce its supply.
It will undergo two so-called “hard forks” during the evening, in essence creating a new version of its blockchain software that will give miners fewer incentives to spend time and energy producing fresh coins. Price moves across cryptocurrencies tend to be highly correlated. A recent six-day rally in bitcoin — a rare winning streak — was seen to be in part due to a drop in the number of new Ethereum.
Ethereum, like other cryptocurrencies, is produced when miners solve algorithmic puzzles — usually a highly energy-intensive process and thus costly.
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