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Miners left Bitcoin Cash network due to halving

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BCH Miners Leaving For BTC – Will BTC Halving Have Similar Impact?

Miners left Bitcoin Cash network due to halving

Miners left Bitcoin Cash network due to halving
CONTENT

  • Migration played into the hands of bitcoin

  • At the same time, the Bitcoin Cash network records a large outflow of miners

  • In the price ratio, BCH was not affected in any way by the contraction

International consortium of news organizations developing transparency standards.

The reduction in the reward for mining a block in the Bitcoin Cash network resulted in a massive outflow of miners to other cryptocurrency ecosystems.

Miners left Bitcoin Cash network due to halving

The first ever halving fork in the Bitcoin Cash blockchain network has halved the number of new coins created and earned by miners. It happens about every four years and … More. As a result of the planned reduction (which was planned for the generation of 630,000 blocks), the reward for each new block in the network decreased from 12.5 BCH to 6.25 BCH.

Such a significant reduction, of course, did not remain without a response from miners, who are already barely able to cope with the payback of their costs due to the recent collapse of the cryptocurrency market..

So, as a result of the decrease in the reward, BCH miners began to massively switch their centers to more “profitable” assets. Based on current figures, daily mining income will decline from $ 471,600 to $ 235,800, according to Ryan Watkins, a researcher at analyst firm Messari..

Bitcoin Cash just underwent its first halving.

At current prices, daily mining revenue will drop from $ 471,600 to $ 235,800.

According to Fork Monitor, in the 2 hours since forking, BCH has only mined 1 block, indicating miners may have already left the network. pic.twitter.com/kqEmlVyI4K

– Ryan Watkins (@RyanWatkins_) April 8, 2020

According to the Fork Monitor service, only 1 block was mined in the Bitcoin Cash network in 2 hours after the halving took effect. This, according to Watkins, signals that miners may have already left the blockchain network..

Miners left Bitcoin Cash network due to halving

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However, in terms of value, halving has not yet had a significant impact on BCH. At the time of this writing, the BCH / USD rate is trading at $ 266 (+ 3.44%).

Meanwhile, the difficulty of mining the largest cryptocurrency by capitalization, Bitcoin, began to grow, which may mean the arrival of BCH miners on the Bitcoin network..

#Bitcoin mining difficulty just increased 5.77%

Hash rate was – 99.59 EH / s
Hash rate now – 105.21 EH / s

Average Block Time – 09 min 28 s

Difficulty adjustment working as intended

– Danny Scott (@CoinCornerDanny) April 8, 2020

As a result of a major migration, the complexity of the Bitcoin blockchain network increased by 5.77%, and the average block generation time was reduced to 9 minutes 28 seconds..

Saving the leader

Miners left Bitcoin Cash network due to halving

Previously, the difficulty of mining bitcoins plummeted by 15%, which affected the block generation time. Just two weeks ago, it took miners over 13 minutes to mine just one block. This has not happened since November 2018.

However, the Bitcoin Cash cryptocurrency community does not intend to leave the ecosystem. Soon, one of the leading bitcoin forks in terms of capitalization will be able to receive the function of obfuscating transactions, thus increasing the level of anonymity on the network. The idea of ‚Äč‚Äčintegrating the transaction obfuscation protocol turned out to be so attractive that instead of the requested $ 50,000, a custom audit of the CashFusion protocol from the analytical firm Kudelski Security raised more than $ 70,000.

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