Zcash

Zcash network has reduced the reward to miners in 2 times

Navigation

Monero: BULLISH on XMR Now More Than Ever 🤫

Zcash network has reduced the reward to miners in 2 times

Zcash network has reduced the reward to miners in 2 times
CONTENT

  • The first halving in history took place on the Zcash network

  • Miner reward reduced from 6.25 ZEC to 3.125 ZEC

  • Cryptocurrency price dropped by almost 2%

International consortium of news organizations developing transparency standards.

The first halving in history took place in the Zcash blockchain network. Bitcoin halving cuts the number of new coins created and earned by miners in half. This happens roughly every four years and … More, which reduced the miner reward for every block mined from 6.25 ZEC to 3.125 ZEC

The Zcash blockchain network experienced the first ever halving at block # 1,046,400.With the reduction in rewards, miners will receive 3.125 ZEC instead of 6.25 ZEC for each block mined in the Zcash network. According to its ideology, halving Zcash exactly repeats the reduction in the emission of bitcoin, since the Zcash ecosystem itself is a fork of the leading cryptocurrency by capitalization.

Zcash network reduced the reward to miners in 2 times

Join our telegram channel to keep abreast of the main trends in the crypto market.

Source: coinmarketcap.com

At the time of this writing, the cost of ZEC / USDT is 63.92 (-1.65%). The market capitalization of the asset is $ 673 million.

Halving is at the heart of the economic models of many cryptocurrencies, as they guarantee stable and predictable reductions in emissions. This controlled level of monetary inflation is one of the main differences between cryptocurrency and traditional paper currencies, the supply of which is unlimited..

Alongside the halving, the Zcash network also saw a fifth network update called Canopy, creating a new development fund dedicated to new members to improve, develop, expand and support the Zcash ecosystem. Previous update called Heartwood allowed ZEC to be mined completely anonymously.

Redistribution of wealth

With the update, the Creator Bounty Program expires. Replacing the previous four-year program with a new funding allocation plan.

Learn how to trade in the cryptocurrency market with BeInCrypto partner – the StormGain cryptocurrency exchange

Zcash network reduced the reward to miners in 2 times

Previously, ZEC miners received 80% plus transaction and block mining fees, and the remaining 20% ​​of the reward was split between various parties, including 9.85% to the founders of the Electric Coin Company (ECC), 2.2% Zcash Foundation, 5.75% ECC and 2.2% remuneration of ECC employees, now the situation with the distribution of capital is somewhat different.

With the new update, miners will continue to receive 80% for block mining, but the remaining 20% ​​will now be split between the new Large Grants Fund (8%), ECC (7%) and Zcash Foundation (5%). At the current ZEC course, the new program will bring the development fund about $ 70 million in four years..

Why the Zcash network is not as anonymous as it might seem at first glance – read the special material BeInCrypto.

What do you think? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Similar articles

Similar articles