Bitcoin Cash has witnessed a significant surge, with its value soaring by more than 10% following the completion of the blockchain’s halving process. The digital currency has been rising steadily since the beginning of the year, surging 23% over the past week and 43% over the past month, according to a report by CryptoSlate.
At the time of reporting, BCH was trading at $673, its highest since May 2021. Market analysts attribute this surge to a variety of factors, including the recent halving event and prevailing bullish market sentiment.
Bitcoin Cash Halving
Bitcoin Cash, a proof-of-work blockchain network that spun off from Bitcoin in 2017, aims to facilitate faster and cheaper transactions, but has seen limited adoption in the cryptocurrency community. Due to the recent halving that occurred at block height 840,000, miner rewards were reduced from 6.25 BCH to 3.125 BCH per block.
Bitcoin Unlimited data since the halving shows that the network has confirmed 840,017 blocks, with approximately 17 blocks verified since the event. Additionally, OKLink data shows that BCH’s network mining difficulty has surged to 761,589.2, its highest level since 2019, while miner rewards have decreased from an average of 0.0003 to 0.00017 at the time of reporting.
Potential Impact on Bitcoin
Market experts see the Bitcoin Cash halving as a potential precursor to the Bitcoin halving scheduled for April 20. During this event, Bitcoin’s miner block reward will be halved from 6.25 BTC to 3.125 BTC.
In particular, industry insiders such as asset management firm Grayscale and Hut 8 Mining CEO Asher Genoot have highlighted the significant impact this halving event could have on the broader cryptocurrency landscape.
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