Claim $500Bitcoin Cash Sees Second Halving at Block 840,000, Price Dips
Highlights
- Bitcoin Cash's second halving cuts miner rewards to 3.125 BCH, aiming for faster transactions.
- BCH price dips 3% post-halving; market anticipates May upgrade for scalability.
- Halving sparks Bitcoin Cash hashrate surge to 8 EH/s, stabilizing at 3.78 EH/s for miner efficiency.
Bitcoin Cash, the cryptocurrency that split from Bitcoin in 2017, has completed its second halving, resulting in a reduction in the number of miner rewards from 6.25 BCH to 3.125 BCH.
This move follows the first halving of Bitcoin Cash on April 8, 2020, which also reduced miner rewards by half from 12.5 BCH to 6.25 BCH.
Bitcoin Cash Price Trend
Bitcoin Cash is an offshoot of the parent proof-of-work blockchain network, Bitcoin (BTC), designed to offer faster and cheaper transactions. In the lead-up to the halving, Bitcoin Cash has seen a major price surge, with the price up 32% in the 30 days. However, at press time, the price of BCH had depreciated by 3% over the last 24 hours, being traded at $606.21.
Concurrently, BCH’s market capitalization and 24-hour trading volume dipped by 3% and 14.10% to $11,950,291,125 and $1,152,829,302, respectively.
Upgrades and Network Enhancements
Apart from the halving, Bitcoin Cash is preparing for a mid-May upgrade that is designed to introduce the adaptive block size limit. This suggested algorithm will enable the block size of Bitcoin Cash to be adjusted based on the average size of the most recent blocks. The aim is to minimize the network’s susceptibility to spam attacks and decrease transaction costs.
This update, moving the network from manual block size adjustments to automatic, real-time modifications, is expected to be positive for strategic incentives within the network. As per the Gitlab repository, the upgrade proposes to keep the base 32 MB block size limit and to increase it as needed by real transaction volumes.
Miner and Market Adaptation
The halving expectations and aftermath have resulted in conversations among investors and miners on the future of Bitcoin Cash. The network’s overall hashrate showed a notable increase leading up to the halving, peaking at more than 8 exahash per second (EH/s) on April 1 before stabilizing at around 3.78 EH/s. This hashrate fluctuation is the result of the miners’ adaptation to the lower rewards and a striving to stay profitable.
In addition, the event has drawn attention to the upcoming May upgrade that will help increase the efficiency and scalability of the network. The market’s response to these developments will be crucial in determining the short-term and long-term trajectory of Bitcoin Cash, especially in comparison to Bitcoin, which is also approaching its halving event.
Read Also: Ethereum L2s May Outshine Main Blockchain, VanEck Reports
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