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The Bitcoin Cash (BCH) blockchain has halved for the first time. As a result of the planned reduction (which should generate 630,000 units), the reward for each new unit in the network was reduced from BCH 12.5 to BCH 6.25.
Such a significant reduction was of course not overlooked by the chain’s miners, who are barely able to recoup their costs due to the recent collapse of the crypto market.
As a result of lesser jurisdiction, BCH miners began massively linking their facilities to “more profitable” assets. According to current figures, daily production sales will decrease from $ 471,600 to $ 235,800, according to Messari, a cryptocurrency analytics company.
Bitcoin Cash has just halved for the first time.
At current prices, daily mining revenue will decrease from $ 471,600 to $ 235,800.
According to Fork Monitor, BCH has only mined 1 block in the 2 hours since forking, indicating that miners may have already left the network. pic.twitter.com/kqEmlVyI4K
– Ryan Watkins (@RyanWatkins_) April 8, 2020
According to the Fork Monitor service, the Bitcoin Cash network only received one block in the two hours after the halving came into effect. According to Watkins, this suggests that miners may have managed to break out of their blockchain.
BCH miners migrate to BTC
In terms of price, however, the halving did not have a major impact on BCH. At the time of writing, the BCH / USD exchange rate was USD 266 (+ 3.44%).
In the meantime, the difficulty of mining the leading cryptocurrency in terms of capitalization has increased, which likely means that BCH miners are migrating to the Bitcoin Blockchain (BTC).
#Bitcoin Mining difficulty increased by only 5.77%
The hash rate was – 99.59 EH / s
Hash rate now – 105.21 EH / sAverage blocking time – 09 min 28 s
Difficulty levels work as intended ?
– Danny Scott (@CoinCornerDanny) April 8, 2020
As a result of the great migration, the complexity of the Bitcoin blockchain increased by 5.77% and the average time to generate a block decreased to 9 minutes and 28 seconds.
The rescue of the leader
Previously, the difficulty of bitcoin mining had dropped abruptly by 15%, which affected the block generation time. Two weeks ago, miners took more than 13 minutes to make a single block. This has not happened since November 2018.
Bitcoin cash transactions will soon have such a high level of privacy that there will be more possible combinations than there are atoms in the universe!
1. Fast
2. Cheap
3. Reliable
4.Private (coming very soon!) Https://t.co/Q0tc4vFh4k pic.twitter.com/RTuMOclagK– Roger Ver (@rogerkver) April 5, 2020
However, the Bitcoin Cash Crypto Community does not intend to leave the ecosystem. Coming soon, one of the main Bitcoin forks in terms of capitalization will be able to add the transaction blending function. This increases anonymity in the network. The idea of integrating the transaction mix protocol was so appealing that a personalized review of the CashFusion protocol by analytics company Kudelski Security raised more than $ 70,000 instead of the $ 50,000 requested.
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As a leading blockchain and fintech news company, BeInCrypto always strives to comply with strict editorial guidelines and the highest journalistic standards. With this in mind, we always encourage and encourage readers to do their own research into the information contained in this article. This article is intended as news and is for informational purposes only. The topic of the article and the information provided may have an impact on the value of a digital or cryptocurrency asset, but is never intended. Likewise, the content of the article and the information contained therein do not intend and do not intend to provide sufficient information for a financial or investment decision. This article is not expressly intended as financial advice, it is not financial advice and should not be construed as financial advice. The content and information in this article have not been prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making an investment decision. The author of this article may have any amount of Bitcoin, cryptocurrencies, other digital currencies, or financial instruments at the time of writing, including but not limited to those listed in the content of this article.
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