- The Bitcoin Cash halving will take place in 4 days
- The coronavirus outbreak has overshadowed BCH halving
- Block rewards will drop by 50% after the halving event
Bitcoin Cash News Today – the Bitcoin Cash network will reportedly undergo another halving event in four days. Even though the ongoing outbreak has overshadowed the usual hype, anticipation, and excitement that a time like this brings for BCH proponents, the community is getting ready for it.
The coming of the event hasn’t helped the coin’s price as the coronavirus outbreak has hit markets hard. The price of Bitcoin Cash has dropped by 30% since February this year.
Block Rewards to Drop by 50% After Halving
Bitcoin Cash proponents are set for the halving. 87.4% of 21 million BCH are in circulation. Of this figure, there’s 18,366,500 BCH left at press time. Every four years, the network undergoes a reward halving. The next Bitcoin Cash halving will take occur in four days April 8. Typically, there is 1,800 BCH mined per day. This gives the Blockchain a 3.6% inflation rate. Bitcoin Cash miners who find a block on the network today will get 12.5 BCH.
However, after the halving event, they will receive just 6.25 BCH. The Bitcoin Cash network’s halving event or drop in issuance will alter the inflation rate which is estimated to be 1.8% per year. The mathematical monetary model is a stark contrast to the current unpredictable monetary model that the world’s central banks offer.
Global central banks, particularly the U.S Federal Reserve, are believed to keep inflation rates at 2%, however, reports indicate that the real United States inflation rates could be up to a massive 10%.
BCH Network has Ten Different Mining Pools Hashing Away
Four days to the Bitcoin Cash halving event, there is about 3.63 exahash per second (EH/s) mining on the Bitcoin Cash Blockchain. As of April 3, ten different mining pools were hashing at the Bitcoin Cash Blockchain. This can includes operations like Viabtc, Antpool, Bitcoin.com, Btc.top, Huobi, P2pool, Poolin, Btc.com, Mining-Dutch, and Prohashing. Of all options mentioned here, Antpool has the most hashpower as of April 3, with over 32% of the entire hashrate. 6.5% of the hashrate goes to the mining activities of stealth miners.
Generally, miners on the network have about 8,500 coins remaining to mine and there are about 680 blocks left before the halving event. Bitcoin Cash difficulty currently sits at 486,638,039,618. The network’s mining profitability is between BTC and BCH with less volatility in recent times. As of when this content was written, it is 1.6% more profitable for Bitcoin miners. Note that Bitcoin miners are awaiting their network’s halving in 39 days.