Bitcoin Cash (BCH) halved at the beginning of the week. BCH price, hashrate, future prospects… We take stock of what happened for the Bitcoin (BTC) fork.
The Bitcoin Cash halving went according to plan
From April 4th the Bitcoin Cash network saw its mining rewards cut in half. These went from 12.5 BCH to 6.25 BCH. Like Bitcoin, the mechanism aims to control inflation. At the current price of 6.25 BCH, this equates to approximately $3,880 USD.
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no surprise, the network hashrate, i.e. the computing power of Bitcoin Cash miners, has dropped sharply. It was split 4 immediately after the split, while some actors left the network:
Evolution of Bitcoin Cash hashrate in one month
If the transition was done smoothly, we could see a big slowdown during the Bitcoin Cash halving. As with the last halving, block production has slowed significantly beyond the usual 10 minutesbefore the difficulty setting mechanism kicks in.
Since then, however, the Bitcoin Cash network has been operating normally. Hashrate is still lower. We also note that some BCH miners have decided to switch their operations to BTC miningwhile bitcoin is waiting for its own half.
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BCH price since halving weight
The price of BCH benefited strongly from expectations of a halving and a relatively favorable context in the ecosystem. Bitcoin Cash increased by 208% in 2 months. :
Bitcoin Cash price development over the last two months
But since April 4, the price of BCH has been more hesitant. The trend was rather bearish: cryptocurrency down 10% in week.
However, we remind you of this the effects of the price halving are usually felt in the following monthsand not in such a short period of time. It will therefore be interesting to see if BCH will follow the example of its big brother BTC, which will appreciate strongly after the reduction of mining rewards.
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As a reminder, the price of BCH rose significantly after its halving in 2020which reached a peak of $1,640 in May 2021. But it still remained far from its all-time high of 2017, when its price exceeded $3,780.
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Source: CoinWarz, TradingView
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A journalist at Cryptoast, I have been immersed in cryptocurrencies since 2017. I am passionate about the issues of decentralization, privacy and the global impact of these new technologies.
Marine Debelloir
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