Just a day after Bitcoin Cash lived it alone, BCH’s subsidiary cryptocurrency Bitcoin SV went through its first halving. Halve the miners’ reward on their blockchain and serve as a mirror for the effects that were to be expected in the Bitcoin chain after the halving expected in May.
Halving season in the crypto world
The halving will be the protagonists of the crypto world in April and May. This is due to the importance of the cryptocurrencies that go through this event. Which has ramifications that affect the entire crypto market.
A little over a day ago, it was Bitcoin Cash, the top cryptocurrency that emerged from a section of the Bitcoin blockchain that has suffered its own halving. This leads to a slight drop in prices, but to a significant reduction in profitability when mining this cryptocurrency.
This led to a real breakdown in the mining power of the BCH blockchain. All thanks to the miners who shut down the machines or migrated to other more profitable cryptocurrencies like Bitcoin.
And now, following in its mother currency’s footsteps, the BCH-born cryptocurrency Bitcoin SV would have halved today. This is a true prelude to what could happen in May’s bitcoin halving. An event that has kept the crypto community in suspense for weeks.
Bitcoin SV is living its first halving
The halving practiced by Bitcoin Cash and Bitcoin SV is particularly important to predict what may happen in Bitcoin in May.
Nevertheless, there are important differences between the BTC blockchain and that of its subsidiary currencies. Because the price of them largely depends on the movements in the Bitcoin markets.
This is the reason why, despite a drastic decrease in the rate of increase in the money supply, neither of the two cryptocurrencies has recorded a significant price increase. On the contrary, the price of both currencies has fallen. Can’t distance itself from what’s happening in the Bitcoin market.
This questions the ability of both cryptocurrencies to compensate miners for reducing their rewards. And thus in the profitability of its business.
If not changed in the short term, this could lead to a strong weakening and ultimately forgetfulness of these two important crypto assets. What halves today’s data here at CryptoTrend?