Bitcoin Cash is on the verge of a significant milestone, as its upcoming halving event approaches. This event will see a notable reduction in mining rewards on the network. Currently, Bitcoin Cash is ranked as the 15th largest cryptocurrency by market capitalization, out of over 10,000 cryptocurrencies. Over the past month, it has experienced a remarkable 91% increase against the U.S. dollar.
The halving is expected to commence on April 4, 2024. At block 840,000, mining incentives on the Bitcoin Cash blockchain will be reduced from 6.25 BCH to 3.125 BCH. As of now, the network is at block 839,044. In anticipation of the halving, Bitcoin Cash has seen a significant 32% increase against the U.S. dollar in the past week, and a remarkable 91% increase over the past month. This surge has made BCH mining 0.2% to 0.4% more profitable than mining BTC.
The upcoming halving and the subsequent rise in hashprice have led to a surge in the network’s hashrate, which has doubled over the past 90 days. Based on the seven-day simple moving average (SMA), the total hashrate of Bitcoin Cash has fluctuated between 5 and 7 exahash per second (EH/s) in the past day. The network currently has support from 30 mining pools, with Viabtc leading the way with a rate of 671.65 petahash per second (PH/s). Other major mining pools include Millpools, Solopool, F2pool, and Trustpool.
Following the halving, the network is set for another update on May 15, 2024, in just 47 days. This update will implement the CHIP 2023-04 Adaptive Blocksize Limit Algorithm. According to the details provided on gitlab.com, this algorithm is expected to have minimal impact on the existing dynamics and incentives within the Bitcoin Cash ecosystem. It will maintain the current 32 MB cap as the base value, with any increases determined by the algorithm based on actual transaction volume.
As the Bitcoin Cash community prepares for these significant changes, attention is turning to how these developments will shape the future of BCH. The halving and upcoming upgrade will test the network’s resilience and adaptability. These events have the potential to redefine the economic and mining landscape of Bitcoin Cash, and may influence its position in the broader cryptocurrency market.
What are your thoughts on the upcoming Bitcoin Cash halving event? Feel free to share your opinions in the comments section below.
