The bitcoin block reward is set to fall from 25 bitcoins to 12.5 bitcoins in just a few hours.
The event, which happens roughly every four years, represents a major shift in the mining landscape, and speculation has swirled about what impact the reward drop will have on the bitcoin mining ecosystem.
CoinDesk will be live blogging today's event, providing updates on the latest speculation and commentary.
"An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," wrote President Trump late Saturday afternoon.
What to know:
Down sharply earlier Saturday, bitcoin moved to gains on the day after President Trump announced a peace agreement with Iran and other Middle Eastern countries.
As part of the deal, Trump said, the Strait of Hormuz will be reopened.