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The Bitcoin Cash network has witnessed its halving event at block height 840,000, leading to a reduction in the miner reward to 3.125 coins per block from the previous 6.25 coins.
Miner Rewards Halved on Bitcoin Cash Network
The latest block data reveals that the Bitcoin Cash (BCH) network has undergone its anticipated reward-halving event. Consequently, BCH miners are now rewarded with half the amount they previously earned before reaching block 840,000.
In the build-up to the BCH halving, there was a notable increase in the network’s overall hashrate, peaking at more than 8 exahash per second (EH/s) on April 1, and currently stabilizing three days later at around 3.78 EH/s on April 3.
Before the increase in hashrate, which began in late February, BCH’s total hashrate fluctuated between 1.9 and 2.4 EH/s. Alongside the spike in hashpower and the latest halving event, BCH is poised for a mid-May upgrade to introduce an adaptive block size limit.
This algorithm aims to dynamically adjust Bitcoin Cash’s block size based on the average size of recent blocks, reducing susceptibility to spam attacks and lowering costs. The Gitlab repository overview indicates that the upgrade will retain the current 32 megabyte (MB) block size limit as a foundational base, with potential increases acting as adjustments to accommodate actual transaction volumes.
This enhancement is designed to negligibly impact the network’s strategic incentives and gameplay, moving from manual adjustments to automated, real-time modifications, thus improving responsiveness to changes in block size requirements. Leading up to these developments, the value of BCH in U.S. dollars has seen substantial growth.
BCH has witnessed a growth exceeding 357% over the last year, with a 42% increase in the past fortnight alone. Although, BCH has lost 8.2% during the past 24 hours against the U.S. dollar. Moreover, Coinbase Derivatives has recently announced plans to introduce futures based on BCH, alongside a few other crypto assets.
The Bitcoin Cash halving milestone, block 840,000, was discovered by the mining pool Viabtc. Block 840,000 contained 11,905 transactions and a block reward of 3.125 BCH.
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