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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash’s Halving Just Occurred, and Its Price Isn’t Responding

Nick Chong
Nick Chong
5 years ago
2 mins read

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Created by industry experts and meticulously reviewed
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Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Just minutes ago, the latest block reward reduction or “halving” of Bitcoin Cash (BCH) transpired. With this, the block reward provided to the miner of a BCH block was dropped from 12.5 coins to 6.25, a decline of 50%, hence “halving.”

Bitcoin Cash is now at block height 630,000, the halving has occurred! 🌗🌗🌗

The block reward has now fallen to 6.25 BCH, from 12.5 BCH

Blockhash = 00000000000000000169a496bfafa84ad8d3ef8039fc9e391a8eada67996b9c8https://t.co/U9hbK4peip

— BitMEX Research (@BitMEXResearch) April 8, 2020

The halving of the leading Bitcoin fork comes five weeks before the same event for BTC, which has fallen behind this split chain due to “initial problems with the BCH difficulty adjustment algorithm in 2017,” which resulted in a 5,000 block difference between the two networks’ block heights.

Despite “Bullishness” of Halving, Bitcoin Cash Flatlines

Although BTC’s halving is believed to be a decisively bullish event for its price, there seems to be a different story for Bitcoin Cash. Save for a drop that took place earlier today, BCH has barely deviated from $260-$270 range it has been trading in for the past two hours.

Bitcoin Cash’s failure to react to the event has led some to question if the cryptocurrency has an active userbase, or active traders, even. Noted industry commentator Hodlonaut fittingly summed up the sentiment when he explained that as the event saw “zero hype [and] zero attention,” the project “is dead,” to which he received some backlash from the BCH community.

A report from cryptocurrency data news site LongHash indicates that in the wake of its first official halving, BCH will “take a security hit.” The decline in block rewards, LongHash wrote, “should lead to a decline in security because the decreased value of the block reward lowers the incentive for miners to use their hashing power to secure the network.”

It seems this is already transpiring. Since the halving at block 630,000, which took place 37 minutes ago as of the time of this article’s writing, not a single Bitcoin Cash block has been mined, suggesting miners have turned off their machines in response to the drop in block rewards.

Importantly, though, a mining difficulty adjustment should soon take place that may revive the security and speed of the Bitcoin Cash network.

Featured Image from Shutterstock
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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