BitTorrent Halves Daily Reward for Storage Mining
CryptoNewsTerminal Staff28 May, 2024
BitTorrent Halves Daily Reward for Storage Mining
BitTorrent (BTT) has announced that it will halve the daily storage mining rewards for its BitTorrent File System (BTFS) starting from June 25, 9 AM (KST). As a result, the daily mining rewards will be reduced from 15 billion BTT to 7.5 billion BTT. This move is intended to ensure the long-term sustainability of the BTFS network and maintain a healthy balance between supply and demand for BTT. BitTorrent emphasized that this adjustment will not affect the overall functionality of BTFS or its decentralized storage capabilities. Miners will continue to receive rewards for providing storage space and bandwidth to the network, and users will still be able to store and retrieve files securely and efficiently. The halving of rewards is a common practice in the cryptocurrency industry and is typically done to control the issuance rate of a coin or token. By reducing the supply of BTT, BitTorrent aims to stabilize its price and make it more attractive to investors and users alike.
