Bitcoin Cash Halving Executes – Crypto Rewards Get Slashed Ahead Of BSV And BTC
The crypto market took a hit, and Bitcoin fell below $7,000, just when analysts were expecting to see a further surge in the most important coin’s price.
At the moment of writing this article, BTC is trading in the red and the king crypto is priced at $6,996.84.
Bitcoin Cash executes its first halving
Bitcoin Cash just executed the very first halving.
The day before its halving event took place, and this reduced the amount of BCH that each miner can earn for verifying transactions on the network.
The reward has been slashed from 12.5 BCH to 6.25 for each new block.
Traders are looking to see if the halving impacts the price of BCH as the coin’s rate of production is shrinking by 50%.
At the moment of writing this article, BCH is trading in the red as well, and the coin is placed on the 5th position on CMC. BCH is down by more than 8%, and the digital asset is priced at $241.61.
Halving events will likely affect the hash rate – this measures the amount of computing power that miners are using to validate transactions. A higher hash rate shows a more secure network.
Long term impact on the miners is to be seen
It’s worth noting that the Bitcoin Cash hash rate currently remains steady, according to data compiled by BitInfoCharts, but, on the other hand, the long-term impact on miners remains to be seen.
Bitcoin Cash just underwent its first halving.
At current prices, daily mining revenue will drop from $471,600 to $235,800.
According to Fork Monitor, in the 2 hours since forking, BCH has only mined 1 block, indicating miners may have already left the network. pic.twitter.com/kqEmlVyI4K
— Ryan Watkins (@RyanWatkins_) April 8, 2020
Messari researcher Ryan Watkins tracks data from Fork Monitor that is suggesting Bitcoin Cash miners may be exiting the network, according to the latest reports coming from the online publication the Daily Hodl.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.