Bitcoin Cash hash rate drops following block reward halving

advertisement

New data indicates that Bitcoin Cash's hashrate has fallen since the network's per-block reward subsidy halving this week.

As The Block previously reported, the halving was Bitcoin Cash's first since the breakaway cryptocurrency's formation in 2017. The event took place at 10:19 am UTC on Wednesday, leading to a reduction in the number of coins produced with each block from 12.5 BCH to 6.25 BCH.

BCH's halving comes more than a month before bitcoin is expected to undergo its own block subsidy halving.

Data from Coin.Dance, which tracks hashrates for Bitcoin, Bitcoin Cash and Bitcoin SV, shows that BCH's hashrate fell below its typical variance on April 8. After hovering above 4,000 PH/s, it ended the day around 1,900 PH/s. Since the beginning of April 9, that figure has dropped to as low as 421 PH/s. The most recent Coin.Dance data indicates a hashrate of 498 PH/s.

Source: Coin.Dance

Bitcoin Cash miners made $13.34 million in March in revenue from block subsidies and less than $4,200 from fees. Because of the halving drop, that subsidy-related income is effectively cut in half. 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More