Bitcoin Cash (BCH) has completed its first halving, reducing the reward of miners from 12.5 to 6.25 BCH for each new block, according to the Daily Hodl website.
Traders are looking to see the impact of this major event on the coin’s performance, especially as the rate of production declined 50 percent. The halving is also expected to impact the hash rate, which is the amount of computing power miners use to validate the BCH blockchain.
Although the coin’s hash rate is still steady, according to BitInfoCharts data, traders should wait to see the long-term impact on miners.
Ryan Watkins, a researcher at Messari, expects BCH miners to exit the network.
At the time of story writing, BCH dropped 3.44 percent to $264.78. The coin ranks 6th with market cap of $4.87 billion.
BSV, BTC halving soon
Bitcoin Satoshi Vision (BSV) will also undergo halving in approximately two days.
The crypto community is also awaiting the major Bitcoin halving, which will take place the next month. A total of 18.23 million coins have been mined, representing nearly 86.82 percent of the total number of Bitcoin to be ever produced, according to bitcoinblockhalf website.
Once 21 million coins are mined, the network will never produce anymore.
On the other hand, miners stopped mining new Ripples (XPR), and they currently trade one third of the available XPR and hold the remaining two thirds.
The miners solve equations to create a new block on a blockchain network. They get a reward for each block they get.
The reward of miners was 50 Bitcoin for each block they created. The reward was reduced to 25, and then to 12.5. On 12 May, the reward will be slashed to 6.25.