2024-04-04 16:05:56
After the Bitcoin Cash halving that took place recently, the price of the digital asset was able to enjoy a 10% increase, reaching a value not seen since 2021.
The digital asset, along with other cryptocurrencies, has been on an upward trend since the beginning of the year. Its value has increased by 11.45% in the last seven days, and by 44.41% in the last one month, according to CoinMarketCap data. Thanks to them, at the time of writing this article, the price of BCH is hovering around $638.95.
Analysts attribute such a rise in the price of BCH to several events are attributedincluding the recent halving and the bullish sentiment currently surrounding the market.
Bitcoin Cash is a proof-of-work blockchain that emerged from the Bitcoin ecosystem in 2017. This network is designed to make transactions faster and cheaper.
Back in April 2020, there was the first halving of Bitoin Cash, following which the reward for miners decreased from 12.5 BCH to 6.25 BCH. The halving that just happened happened at the height of block 840,000, which also further reduced the miner rewards, so they can currently get 3.125 BCH per block.
“The Bitcoin Cash halving was successful last night, however the network experienced an unexpected slowdown: blocks 839,990 and 839,991 were mined nearly 4 hours apart.” said Ludovic Lars, one of the supporters of Bitcoin Cash.
Details of Bitcoin Unlimited according to the network approved 840,034 blocks, which means around 34 blocks have been validated since the event. According to additional data, BCH is mining difficulty It rose to its highest level since 2019. At the same time, miner rewards decreased from an average of 0.0003 BCH at the beginning of the year to 0.00017 BCH.
Bitcoin halving is coming
The attention of the crypto community is currently being captured by the upcoming halving of another cryptocurrency, namely bitcoin, which will take place around April 20. The bitcoin halving will take place at block 840,000, which will reduce miners’ block rewards from 6.25 BTC to 3.125 BTC. However, a decrease in rewards can significantly affect the security of the network. After the halving, less efficient mining operations may become too expensive and some may even be forced to cease operations, leading to a temporary drop in network hashing performance. A lower hash rate makes the network more vulnerable to certain types of attacks. An example is the 51% attack, where a malicious actor can gain control over more than 51% of the hashrate.
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