Bitcoin Cash halving may not be the savior it needs


In less than a day, Bitcoin Cash (BCH) will undergo its halving, reducing the block reward. The event may be a precursor for the highly anticipated halving of its big brother in just over a months’ time.

According to the BCH block half counter, the fourth largest crypto asset will undergo its halving on Wednesday this week, April 8.

Just like its big brother Bitcoin, block rewards will drop from 12.5 to 6.25 BCH while inflation falls from 3.64% to 1.8%.

The counter also adds that there are currently 18.37 million coins in circulation, which is 87.49% of the total supply.

Halvings are usually bullish events, but the COVID-19 outbreak has overshadowed this one with Bitcoin Cash prices still wallowing around US$250 [AU$406].

Since its 2020 peak of just below $500, BCH has dumped almost 50% to current levels and has not seen the recovery that Bitcoin has.

There are also reports on crypto twitter that, along with most other crypto media, Roger Ver’s has slashed its staff and is now working on a skeleton crew.

In terms of on-chain metrics, the Bitcoin Cash hash rate is still woefully low, indicating that miners are continuing to capitulate or switch to mining BTC instead.

The current hash rate is 3.275 EH/s, which is down 34% since its 2020 peak and 58% since its all-time high according to bitinfocharts.

Rounding up this data, it seems that Bitcoin Cash will need more than a halving to rescue it this time.

Martin Young

Martin has been writing on technology for 15 years, he has a keen eye for emerging cryptocurrency news, blockchain developments, and market sentiment.

Published by
Martin Young

Recent Posts

Upgrades to US Army’s night vision technology turns darkness into a video game

The US Army has developed a night vision technology that can help them to see…

5 hours ago

‘Fruits Basket’ Season 3 Episode 6: Will Yuki finally confess his feelings to Machi?

Fruits Basket Season 3 Episode 6, titled “It was so Foolish,” may show Yuki to…

5 hours ago

Call of Duty League to restart in-person matches this June

Call of Duty League is planning a comeback this year, revealing a tentative schedule for…

5 hours ago