Bitcoin Cash Network Experiences Halving, Miner Rewards Reduced
The Bitcoin Cash (BCH) network has recently undergone its halving event at block height 840,000.
This resulted in a decrease in miner rewards from 6.25 coins per block to 3.125 coins.
Leading up to the halving, there was a noticeable surge in the network’s hashrate, reaching over 8 exahash per second (EH/s) on April 1. As of April 3, the hashrate has stabilized around 3.78 EH/s, following the event.
In conjunction with the halving, BCH is gearing up for a mid-May upgrade aimed at implementing an adaptive block size limit algorithm. This enhancement will dynamically adjust the block size based on recent block sizes to mitigate spam attacks and reduce costs. The upgrade will maintain the current 32 megabyte (MB) block size limit as a base, with potential increases to accommodate transaction volumes.
READ MORE: Ethereum Developer Addresses Core Challenges Amid Community Criticisms
This upgrade aims to minimally disrupt the network’s incentives and operations by transitioning from manual to automated block size adjustments, enhancing responsiveness. BCH has seen significant growth in value, with a 357% increase over the past year and a 42% surge in the last two weeks. However, it experienced an 8.2% decline against the U.S. dollar in the past 24 hours.
Coinbase Derivatives has announced plans to introduce futures for BCH and other cryptocurrencies. The halving event, discovered by the mining pool Viabtc at block 840,000, saw a block reward of 3.125 BCH with 11,905 transactions.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
