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- Bitcoin Cash (BCH) underwent its first halving at block number 630,000.
- The amount of BCH produced with each new transaction block has already been reduced from 12.5 BCH to 6.25 BCH after the successful Bitcoin Cah halving.
- This will eventually lead the BHC miners to expect the earnings of lower rewards.
Bitcoin Cash (BCH) underwent its first halving at block number 630,000. Bitcoin Cash Halving is the event where the number of generated Bitcoin Cash rewards per block will reduce to half (divided by 2).
Earlier on April 8, 2020, the amount of BCH produced with each new transaction block has already been reduced from 12.5 BCH to 6.25 BCH after the successful Bitcoin Cah halving. This will eventually lead the BHC miners to expect the earnings of lower rewards. The number of Bitcoin Cash found per block is said to become more scarce and this halving reward is to ensure that the Bitcoin Cash total supply will reach 21 million.
Bitcoin Cash (BCH), one of the bitcoin’s forks and the fourth-largest cryptocurrency by market capitalization, took effect on August 1st, 2017 and is said to have increased the block size to 8MB in order to help scale the underlying technology of Bitcoin.
Bitcoin Cash Halving Impact on Price and Miners
According to the data, the prices of Bitcoin Cash remaining at a similar level as they did in March would lead the miners to be able to generate only ~$6.7 million from subsidies as the subsidy will get cut in half. Bitcoin Cash miners are reported to have generated $13.34 million in March from block subsidies alone and less than $4,200 from fees.
According to the figures from the CoinMarketCap, The current market capitalization of the Bitcoin’s Cash stands at about $4.9 billion, this is observed to be over 27 times lesser than Bitcoin’s current market capitalization of over $133 billion.
Another fork of the Bitcoin, Bitcoin Satoshi’s Vision (BSV), is also looking forward for the completion of its halving in a time lesser than two days at block number 629,775. Bitcoin Satoshi’s Vision was created out of the hard fork of Bitcoin Cash (BCH) and since it’s forking, it has maintained a consistency by remaining in the top 20 coins by market cap. Bitcoin SV aims to surpass the proposed original vision of Bitcoin through emphasis on scaling on-chain as soon as it can.
Besides that, Bitcoin anticipates its halving to happen in the month of May this year. The Bitcoin’s halving has occurred twice so far. The first halving happened in the year 2012, following which, the second halving event occurred in the year 2016. The first Bitcoin halving is reported to have provided the first demonstration of how markets would respond to Nakamoto’s unorthodox supply schedule.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
