Halving took place on the Bitcoin Cash network

In the run-up to the event, there was a noticeable increase in the blockchain hashrate

04.04.2024 - 07:50

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What’s new? On April 3, the Bitcoin Cash (BCH) network hosted its second halving at a block height of 840 000, reducing the reward to miners to 3,125 coins. In the run-up to the event, there was a noticeable increase in the network’s overall hashrate: it peaked at over 8 EH/s on April 1 and dropped to 2 EH/s on April 4 (CoinWarz data).

BitDegree platform data

Halving is code’s embedded cut in half of the reward to miners for a mined block on the blockchain. The first halving on the Bitcoin Cash network took place on April 8, 2020: the reward decreased from 12,5 BCH to 6,25 BCH.

What else is known? The Bitcoin Cash network is expected to receive an upgrade in mid-May that will introduce dynamic block size adjustments based on the average size of the previous two to reduce susceptibility to spam attacks and lower costs.

A Gitlab repository overview indicates that the upgrade will keep the current 32MB block size limit as a baseline, with potential increases being adjusted according to actual transaction volumes.

Bitcoin Cash is a fork of bitcoin that emerged in 2017 to simplify and speed up transactions. At the time of writing the news, BCH ranks 14th in the cryptocurrency ranking with a capitalization of $12,5 billion and is trading at $637,4, with a daily growth rate of 3,86% and a weekly growth rate of 18,5%.

On May 15, 2023, the Bitcoin Cash network underwent a hard fork that added support for smart contracts and the ability to issue tokens. The upgrade also increased the privacy and security of the blockchain.

On June 20, 2023, Fidelity, Citadel, and Schwab Financial Corporation launched EDXM, a crypto exchange for institutional investors that offers spot trading of Bitcoin Cash alongside bitcoin, Litecoin, and Ethereum.

Also last June, the anonymous cryptocurrency DASH network’s halving took place. Bitcoin miners are expected to get their reward cut on April 20 this year.

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