It is going to be a long New Year's Eve. A leap second will be added just before the New Year.
We will have to wait a second longer for 2017 to arrive. The International Earth Rotation and Reference Systems service (IERS) concluded that the Earth is spinning to slow. This means that a so called leap second will be added on New Year's Eve.
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The countdown of the New Year will be as follows: 59, 60, Happy New Year! Note the extra 60.
Leap Second New Year's Countdown:
2016 December 31, 23h 59m 59s
2016 December 31, 23h 59m 60s
2017 January 1, 0h 0m 0s
Every 6 months the IERS decides if a leap second is necessary. A leap second can be added end of June or like in this year's case in December. The last leap second was introduced end of June of last year.
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Leap seconds are adjustments to the Coordinated Universal Time (UTC) are made to keep its time of day close to the mean solar time, or UT1. Without such a correction, time reckoned by Earth's rotation drifts away from atomic time because of irregularities in the Earth's rate of rotation. Since this system of correction was implemented in 1972, 26 leap seconds have been inserted according to Wikipedia.