Verge today announced the successful halving of its block reward, in line with its previous stated roadmap. According to the Verge, the move is further evidence of the cryptocurrency’s “predictable, transparent monetary policy.”
we’ve just halved! $XVG #vergefam pic.twitter.com/3LqJahUNED
— vergecurrency (@vergecurrency) 9 May 2018
The change means that the rewards given for mining have been halved. With a lower incentive offered, miners will mint fewer coins. Explaining the significance to the VergeFam, @Simpire said that, “price for mining is halved” and so “less (new) coins enter the market (being offered to buy), which means price will climb.”
Price for mining is halved, this means less (new) coins enter the market (being offered to buy), which means price will climb.
Miners want to get reimbursed for their effort and costs (coins offered at higher price).— Ruler of the Simpire (@Simpire) 9 May 2018
Any influence on price will play out over the long run, though excitement over the news has pushed Verge up around 5% on yesterday at time of writing, outperforming most other cryptocurrencies.
The VergeFam has responded to the news with its usual cautious optimism.
XVG to moon
— Stanislav Španović (@stankec1) 9 May 2018
— Šandor (@Mrvenzi) 9 May 2018
Endless progress for #xvg.
Being a part of this makes me feel legendary. pic.twitter.com/85MVvg9J4q
— XVGgrandpriest (@cryptooza) 9 May 2018
Image From Shutterstock
