Categories: Cryptocurrency

Have miners already dumped Bitcoin Cash after halving?

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Bitcoin Cash hard forked for the first time yesterday, April 8, in what was a largely anti-climactic event. Research and on-chain metrics indicate that miners may have already left the network.

As reported by Micky, the Bitcoin Cash halving was unlikely to ever induce any FOMO or market euphoria.

This has been evident a day later, as prices have been flat over the past 24 hours while its sibling BSV has pumped. BCH is trading at around US$265 [AU$426], which is down marginally on the day.

Analysts at research firm Messari has been looking into the first blocks mined since the halving, concluding that since only one block was mined, miners may have already left the network.

The report noted that at current prices, BCH daily revenue to miners will drop from $471,600 to $235,800.

With low BCH hash rates at the moment, it is more profitable to mine on the BTC network, though this may change when its block reward is cut next month.

Bitcoin Cash kicked off the halving season and could be the bellwether for other coins.

Bitcoin SV is expected to halve later this week, and Bitcoin is due to halve in 34 days according to the counter.

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.

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Martin Young

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