- Bitcoin Cash hash rate has taken a hit
- Block generation has declined post BCH halving
- BCH price has risen by 17% across the week
Bitcoin Cash News Today – Bitcoin Cash halving event kicked off recently and the hash rate of the network has already taken a hit. This has caused block generation to drop significantly. Recall that many experts and traders had predicted that a few miners would abandon their BCH. They also predicted a shift to more profitable digital assets like Bitcoin after their rewards have been halved from the original 12.5 to 6.25 BCH.
However, the tide has turned now as the network’s hash rates have been rising and falling each day. Now, the data for Bitcoin Cash is open to interpretation. Let’s see how the event has affected the coin’s performance.
Earlier Reports Show There was Always a Risk of Drop-in BCH Hash Rate
Per a report from April 1, Arcane Research argued that there was a risk that the hash rate of BCH will halve along with the digital currency. The analyst anticipated volatile days during and after the halving, especially during the immediate aftermath.
Many in the crypto space were quick to notice the lag between the blocks as well. BitMEX’s research team via their Twitter account said that mining block 630,000 and 630,001 took as much as two hours. And normally it takes just ten minutes to generate blocks. It has been an hour since the halving yet there are no more blocks. The block reward has dropped to 6.25 BCH.
53 Blocks Have Been Mined at Press Time
When this content was published, about 53 blocks have been mined. This was done during the last 15 hours. Note that the time between generation has returned to 10-20 minutes. Whether the bears or bulls will come in for Bitcoin Cash following the network’s halving event remains to be seen.
Also, the price of Bitcoin Cash has gone by over 17% since the beginning of the week, although it has fallen by 2.5% in the last 24 hours. Even at that, some proponents are focused on what exactly will happen to the network’s hash rate post-halving. While some miners might abandon their coins to receive better profits from BTC, the Bitcoin Cash miners have shown in previous halvings that they are willing to lose a large chunk of their capital to keep the price of the coin up.
According to the Reddit user Blockchain Lawyer: “the only thing that is keeping BCH afloat now is irrational miners and crypto socialism.”