- Bitcoin Cash and Bitcoin SV halving to take place this week
- Bitcoin could benefit from the halving of Bitcoin Cash and Bitcoin SV
- Bitcoin enthusiasts look forward to Bitcoin’s Halving, which is 35 days away
Bitcoin News Today – This month could be one of the biggest for Bitcoin (BTC) and digital currency. This week, the hard forks of Bitcoin – Bitcoin SV and Bitcoin Cash – will be going through halvings. This event will see the number of new tokens given to miners reduced by half. It would also give BTC and crypto traders an insight of what to expect for the halving of Bitcoin in May this year.
Bitcoin to Benefit from the Halving of Bitcoin Cash and Bitcoin SV
Back in 2017, Bitcoin Cash split from Bitcoin amid a row over the block size of Bitcoin. Today, April 8, the mining reward on the Bitcoin Cash network will fall from 12.5 BCH to 6.25 BCH. Later this week, the hard fork of Bitcoin Cash – Bitcoin SV (BSV) – would go through a similar process. The halving events this week could push BSV and BCH miners to the largest digital currency in the world by market cap – Bitcoin. This could significantly push the price of Bitcoin higher.
Bitcoin (BTC) Price Today – BTC / USD
Some analysts at Arcane Research said, “There are chances that the hashrate might be halved temporarily on the networks of Bitcoin Cash (BSV) and Bitcoin Cash (BCH) until the halving of Bitcoin in May, except the transaction fees or the price of the digital currencies will increase enormously relative to BTC.”
Bitcoin’s Halving Is 35 Days Away
Bitcoin’s halving event will take place on May 13, which is just 35 days away at the time of writing this article. This event will see the reduction of miners’ rewards from 12.5 to 6.25 BTC per block. Bitcoin investors and the entire digital currency community are already looking forward to this event, which is one of the largest events in the digital currency space.
The chief executive of Isle of Man-based BTC and crypto trading platform CoinCorner – Danny Scott said:
“As the third halving event of BTC occurs, many are looking forward to what would come after, with history indicating that the price of BTC will typically start surging significantly within the 12 months before a halving.”
He also said that he expects the digital currency to return to its rise to its all-time high of about $20k this year.
Bitcoin has only undergone two halvings since its emergence in 2009, one in 2012 and the other in 2016. The halving is scheduled to take place once every four years. This would end when the maximum supply of 21 million BTCs have been mined.