Bitcoin Cash was born from a Bitcoin fork in 2017. During that time, it remained a leading cryptocurrency thanks to its market cap. Today she is in big trouble after her hash rate has dropped immediately after she was halved for the first time.
Miners are leaving the Bitcoin Cash network
On April 8, the Bitcoin Cash code activated the halving protocol and halved the reward and coin mining per block broken. This immediately created an unfavorable situation for those who keep the chain alive, the miners.
Despite the fact that the price had increased gradually and had increased by almost 100%. The arrival of the event was not very well received, indicating that the miners lost interest in the BCH blockchain.
Immediately after reaching block 630,000, where a halving occurred, there was a 109-minute gap between the blocks, a time ten times longer than normal, which resulted in transactions being stopped during that period.
The data suggest that miners immediately quit the BCH network and the hash rate has dropped to historic lows, which means a drastic decrease in network security.
According to CoinWarz data, the Bitcoin cash hash rate fell from 4U / s to less than 1 EH / s just 1 day after halving.
Roger Ver eliminates much of the Bitcoin cash hash rate
Roger Ver is the figurehead of BCH and supports the project from the beginning. Still, he cut 92% of his mining power from the chain he defended after halving the reward.
The current BCH price leads to losses for those who mine on their blockchain. This has resulted in a fairly negative chain reaction for the project.
Some sources indicate that the BCH hash rate may have dropped further if the computing power that is operating at a loss keeps the network secure.
Bitcoin cash behavior after the halving and hash rate decline
Bitcoin Cash is currently being exchanged for USD 232.8 and is very likely to continue falling in the coming days.
Immediately after halving, the BCH price was not as bullish as some had expected and even fell slightly.
From a technical point of view, the graphic shows good signs that the price is determined to look for new support. Fundamental analysis supports this feeling.