Day: May 11, 2020

Bitcoin goes through third ‘halving’, falls vs U.S. dollar

NEW YORK (Reuters) – Bitcoin slid on Monday in volatile trading, after it went through a technical adjustment that reduced the rate at which new coins are created, but the outlook remained upbeat as the increase in supply slows down.

FILE PHOTO: Representations of virtual currency Bitcoin are seen in this picture illustration taken taken March 13, 2020. REUTERS/Dado Ruvic/Illustration

Monday’s “halving” cuts the rewards given to those who “mine” bitcoin to 6.25 new coins from 12.5. The next halving will be in 2024.

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 late afternoon trading, bitcoin was last down 1.3% at $8,620.43 against the dollar BTC=BTSP on the Bitstamp platform. It briefly turned higher.

“The incentive is less for miners now

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Tesla’s Musk says ready for arrest as he reopens California plant against local order

(Reuters) – Tesla Inc (TSLA.O) Chief Executive Elon Musk on Monday said production was resuming at the company’s primary vehicle factory in California and asked to be the only one arrested as he defied local officials who said the plant should remain closed to curb the spread of the coronavirus.

California Governor Gavin Newsom (L) and Tesla CEO Elon Musk (R) are seen in a combination photo. REUTERS/Mike Blake/Joe Skipper

The scuffle comes as states and cities around the United States are experimenting with ways to safely reopen their economies after the virus outbreak shuttered businesses and forced tens of millions of Americans out of work.

Musk over the weekend threatened to leave California for Texas or Nevada over the fight. His move has highlighted the competition for jobs and ignited a rush to woo the billionaire executive by states that have reopened their economies more quickly in

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Bitcoin undergoes third ‘halving’, falls vs U.S. dollar

NEW YORK (Reuters) – Bitcoin slid on Monday in volatile trading, after it went through a technical adjustment that reduced the rate at which new coins are created, but the outlook remained upbeat as the increase in supply slows down.

FILE PHOTO: Representations of virtual currency Bitcoin are seen in this picture illustration taken taken March 13, 2020. REUTERS/Dado Ruvic/Illustration

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 1% at $8,647.99 against the dollar at $8,728.25 BTC=BTSP. It briefly turned higher.

“The incentive is less for miners now to mine bitcoin and they will probably switch to more

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Tencent Music misses first-quarter revenue estimates, shares fall

FILE PHOTO: Tencent Music Entertainment celebrates the company’s IPO at the New York Stock Exchange (NYSE) in New York, U.S., December 12, 2018. REUTERS/Bryan R Smith

(Reuters) – China’s Tencent Music Entertainment Group (TME.N) missed Wall Street estimates for quarterly revenue on Monday as the coronavirus crisis impacted the company’s social entertainment services business, sending its shares down more than 3% in extended trade.

Monthly average revenue per paying user from its social entertainment services fell 12.9% to 111.1 yuan ($15.65). It reported 256 million users for the segment during the quarter, a rise of 13.3% from a year earlier.

“While acknowledging the impact on our social entertainment services from the COVID-19 pandemic, we have started to see a moderate recovery recently,” Chief Executive Officer Cussion Pang said in a statement.

Paid users of the company’s online music service jumped 50.4% to 42.7 million in the quarter.

Revenue

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