- Hash rates for BCH and BSV surge after BTC halving
- Bitcoin Cash’s hash rate increased by over 90%
- Bitcoin SV’s hash rate increased from 1.1 EH/s to 1.78 EH/s
Cryptocurrency News Today – the overall hash rates of both BCH of BSV have recovered. Recall that the hash rates of both networks crashed hard after their April halving event. Even the mining profitability of Bitcoin SV, Bitcoin Cash, and Bitcoin is now the same.
BCH and BSV hash rates have recovered after falling dramatically as Bitcoin’s hash rate declined after its May 11 halving event. Bitcoin Cash’s hash rate rose by more than 90%. It rose from 1.43 EH/s on May 10 to about 2.74 EH/s three days later. BSV’s hash rate also increased from 1.1 EH/s to 1.78 EH/s over the same period.
Miners Have Been Fleeing Since Their Halving
Both Bitcoin Cash and Bitcoin SV experienced steep drops in mining immediately after their halving rewards on April 8 and April 10 respectively. The hash rate of BCH’s fell by 80% in only two days after block rewards dropped to 6.25 BCH from 12.5 BCH. BSV also saw a drop in hash rate because miners left and took their computing power to Bitcoin’s chain.
After the April halving events, BTC’s blocks were the most profitable for all crypto mining operations. Before this week’s Bitcoin halving event, there were predictions and miners with rigs that are less efficient would shut down their machines as revenue fell. BTC’s hash rate fell by 24% from 137 EH/s (before the halving) to 104 EH/s (after the halving). It didn’t drop to the level that BCH and BSV did following their own block rewards halving events. Bitcoin has posted longer block production times as well.
BSV’s Miner Revenue Percentage is Low
The overall percentage of miner revenue that is coming from fees is on the low for BSV. However, all transactions on BSV’s network have hit 88% of the overall number on the Bitcoin chain and 54% of the total sum of digital currency transactions as of May 13. Critics also argue that the transactions are writing data mostly. Miners such as f2pool have pointed out how Bitcoin SV has become more profitable to mine than BTC at the moment. According to the miner:
“BTC’s mining revenue is a little behind that of Bitcoin SV and slightly higher than that of Bitcoin Cash. However, the mining revenue of BCH and BSV remains very close to Bitcoin’s mining revenue.”
Miners receive some revenue in the form of transaction fees, which is currently on the increase in BTC. Those for Bitcoin SV and Bitcoin Cash have been unaffected by the halving, and they remain constant at $0.0002 and $0.002 respectively since mid-April.