Fun

The Bitcoin Cash Network’s Block Reward Officially Halved – Block 630,000 Mined

News Feed - 2020-04-08 09:04:26

The Bitcoin Cash Network"s Block Reward Officially Halved - Block 630,000 Mined


On April 8, 2020, the Bitcoin Cash network’s block reward halved as of block 630,000 and BCH miners hashing away at the network will now capture only 6.25 coins per block going forward, instead of 12.5. The BCH halving is the first major SHA256 branch to halve its block reward, as BSV and BTC will halve as well within the next 30 days. Now that the BCH halving has slashed the current block reward, BCH proponents will be focused on the cryptocurrency’s price, hashrate, and the network’s difficulty.


Also read: 5% Over Spot: Gold-Backed Tokens Tether Gold and Digix Sell for Higher Premiums Bitcoin Cash Miner Revenue Chops in Half – 12.5 to 6.25 Coins per Block


So far, roughly 87.6% of all 21 million BCH that will ever be produced has been mined into existence. There’s still 2.6 million BCH left to mine and since the halving after block 630,000 the issuance rate is halved. When Satoshi Nakamoto created Bitcoin, the inventor designed it so over time it would be harder to obtain bitcoins by mining, which ultimately bolsters the cryptocurrency’s scarcity and inflation rate. Currently, the BCH hashrate hasn’t changed much and it’s remained steady at 3.4-3.7 exahash per second (EH/s). BCH is trading for $266 per coin at the time of publication, while the inflation rate per annum has changed from 3.6% to 1.8%. The mining operation Antpool mined the official halving block #630,000 getting only 6.25 BCH when the pool found the block.



Coindance statistics show that it is currently 2.7% more profitable to mine the BCH chain compared to BTC. There are at least nine BCH miners hashing away at the BCH chain including Antpool, Btc.com, Btc.top, Viabtc, SBI Crypto, Huobi, Pool.Bitcoin.com, Poolin and P2p Pool. Another 7.6% of the hashrate is contributed by stealth miners. It is 302% more expensive to transact on the BTC chain today and the BTC blockchain is 124.5GB larger than the BCH chain. Before the halving, BCH miners obtained 1,800 BCH ($468K) per day (approx. 144 blocks), but now miners will only get 900 coins ($234K) per day plus fees. At the time of publication, the current BCH difficulty is hovering over the 531 billion mark.


63 Bitcoin Cash Halvings Remain


Overall the Bitcoin Cash community has been waiting for the momentous halving day and many supporters have shown excitement during the last few weeks. Of course, the coronavirus outbreak has made it so halving parties are not as prominent as they were in 2016. Certainly there’s a number of BCH supporters celebrating online and through virtual communications. The Future of Bitcoin Cash is hosting a virtual meetup today from 10:30 to 16:30 UTC on Zoom in order to discuss the BCH halving. “Join Bitcoin Cash builders, businesses and evangelists as we discuss the future of BCH online during the block reward halving,” the official Twitter account tweeted. Join us Wed Apr 8 from 10:30 AM UTC for a $BCH community livestream event!


Together, we"ll discuss the future of #BitcoinCash


Information and links at https://t.co/URVLQhSRFd pic.twitter.com/x2lIQ8UAsf


— The Future of Bitcoin Cash (@TheFutureofBCH) April 6, 2020



Cryptocurrency enthusiasts will be watching BCH closely and the three factors mentioned above (price, hashrate, and difficulty) extra carefully so. There still could be volatile price action and changes to the hashrate and difficulty in the next few months going forward. 1,458 days until the next BCH halving and 63 halvings left.


Bitcoin Cash will have 63 more halvings as the years go by and the network continues to progress. Markets are far from perfect, and it’s anyone’s guess what will happen, but we do know the system is far superior compared to the likes of central banks and fractional banking practices.


What do you think about the Bitcoin Cash halving? Let us know in the comments section below. New Wrapped Bitcoin Platform Allows You to Transact in BTC Using Tezos NEWS | 4 hours ago


On April 8, the Bitcoin Association Switzerland (BAS) announced the launch of a new wrapped bitcoin project called Tzbtc. The… read more. Novogratz: We Have Money-Printing Orgy Going on, Amazing Environment to Buy Bitcoin NEWS | 7 hours ago


Galaxy Digital chairman Michael Novogratz said that bitcoin is his pick under the current financial situation, describing it as an… read more. Tags in this story 21 million, 630000, BCH Halving, BCH Hashrate, bitcoin cash, Bitcoin Cash community, bitcoin halving, Block reward, Blocks, coindance, Coins, Cryptocurrency, difficulty, Digital Assets, Future of Bitcoin Cash, Miners, Mining Pools, Price, Reward Halving, Satoshi Nakamoto


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimer Show comments Please enable JavaScript to view the comments powered by Disqus.

News Feed

US Lawmakers Urge Fed Chair Jerome Powell to Support Crypto Innovation
US Lawmakers Urge Fed Chair Jerome Powell to Support Crypto Innovation Several U.S. lawmakers have called on Federal Reserve Chairman Jerome Powell to support cryptocurrency innova
Tristan Greene7 hours agoUS Copyright Office issues notice of inquiry on artificial intelligenceThe inquiry seeks information and comments on issues related to the content AI produces and how policymakers should treat AI
Gareth Jenkinson9 hours agoBitcoin miners still bullish despite toughest bear market yet - Hut8, Foundry, BraiinsBitcoin mining firms have been forced to sell newly minted Bitcoin to cover operational costs during one of
Felix Ng8 hours agoSilvergate CEO to depart amid ongoing liquidation and investor suitsSilvergate is losing CEO Alan Lane and two other top executives as part of an ongoing wind-down of the once crypto-friendly bank.2092
Investment Manager Guggenheim Has Some Advice as BTC Sheds Billions — ‘Bitcoin’s Parabolic Rise Unsustainable’
Investment Manager Guggenheim Has Some Advice as BTC Sheds Billions — "Bitcoin"s Parabolic Rise Unsustainable" Guggenheim Investments’ global chief inve
Money Market Protocol Aave Settles $300 Million in Defi Flash Loans
Money Market Protocol Aave Settles $300 Million in Defi Flash LoansThis weekend the decentralized money market protocol Aave broke records as the community witnessed a massive flash
WazirX schedules maintenance to restore balances after $234M hack
Amaka Nwaokocha11 hours agoWazirX schedules maintenance to restore balances after $234M hackWazirX’s ability to restore balances and secure assets on its platform will impact its future and the security of the broader
Binance Now Authorized in 7 EU Countries — Sweden Becomes Latest Member State to Give Approval
Binance Now Authorized in 7 EU Countries — Sweden Becomes Latest Member State to Give Approval Crypto exchange Binance is now legal to operate in seven European countries followi
9 Crypto Predictions For 2025: Nansen CEO Predicts Biggest Bull Run Ever
Este artículo también está disponible en español. In a thread on X, Alex Svanevik, CEO of leading on-chain analytics platform Nansen, unveiled nine bold predictions for t
Macroeconomic Trends Boost Bitcoin and Gold, US Dollar Index Shows Bearish Double-Top
Macroeconomic Trends Boost Bitcoin and Gold, US Dollar Index Shows Bearish Double-TopAccording to a number of reports and commentary from financial analysts, the world is “dro
Ezra Reguerra23 hours agoOKX exec says KYC will ‘raise the bar,’ bring real capital into crypto: Blockchain Economy Dubai 2023Lennix Lai, OKX’s global chief commercial officer, told Cointelegraph that bringing trad
Bitcoin Price Outlook for July — Traders Remain Concerned About Upcoming Fed Rate Hike and Bankrupt Crypto Firms
Bitcoin Price Outlook for July — Traders Remain Concerned About Upcoming Fed Rate Hike and Bankrupt Crypto Firms During the first week of July, bitcoin prices have risen to their