Appearing as a Bitcoin hard fork in August 2017, Bitcoin Cash (BCH) will experience its first halving in history today if there is no mishap or change.
The project, which emerged with the claim that Satoshi has its true vision, is still not fully adopted yet. According to CoinMarketCap data, BCH was trading at $ 272 at the time of writing.
Bitcoin Cash will live halving today at around 6 p.m. The BCH block reward, which is 12.5 after the split, will decrease to 6.5 BCH. With this incident, miners’ income will drop by half. Approximately, once every four years, that is, after every 210,000 blocks have been processed, the block reward halves and this process continues until the block reward reaches zero (will be until 2140). So far, 629,960 BCH blocks have been removed and 287,234,155 transactions have been made. Currently, the number of circulating BCH coins is 18,374,490, and, of course, as with Bitcoin, the maximum supply is limited to 21 million.
Rise in Bitcoin Cash Price
According to CryptoCompare, over the past 7 days, the price of Bitcoin Cash (BCH) has risen from $ 218.48 to $ 272, meaning an impressive 25.15 percent increase against the USD, as you can see from the BCH-USD price chart below. there is.
In the past 24 hours, BCH has experienced an increase of almost 6 percent. In fact, right now, the top two winners among the 50 most valuable cryptocurrencies are Bitcoin Cash and Bitcoin SV, which are halving Bitcoin block rewards this week.
What Will Miners Do?
With the halving to be experienced, miners are expected to leave BCH. The reason for this is the decrease in revenues. But on the other hand, it is stated that a sudden price increase in Bitcoin Cash can encourage miners. The upcoming hours are therefore very critical and important for BCH.
However, Dan Hedl, business development director of Kraken in November, predicted that this event would be ‘disaster’ for the controversial fork. A 50 percent drop in block subsidies is expected to greatly affect the security of the Bitcoin Cash network. This can cause bad actors to undo transactions and attack. We will wait and see what will happen.