By Marko Vidrih on The Capital
Less than a day after the reduction of the reward for block mining (halving) in the Bitcoin Cash (BCH) network, the computing power unexpectedly dropped to a minimum.
A surge in the activity of miners was recorded a few days before the halving. According to BitinfoCharts, the BCH hashrate exceeded 4.3 exhash per second (EH / s) in early April. After reducing the block mining reward, computing power fell below 2 EH / s.
It has now been an hour since the halving and still no more blocks. After the 50% reward drop, did miners leave for other coins or is this just variance? https://t.co/rSyxtls3Yj
Over the past 24 hours, the hash rate has fallen by about 60%. Now the activity of the miners has recovered slightly, at the time of writing this article, the Bitcoin Cash hashrate exceeded 3 EH / s.
Arcane Research recently published a report that predicted a drop in the BCH hashrate almost immediately after halving. According to analysts, the computing power in the next few weeks will fall more than twice, as miners will go to the Bitcoin network.
The research department of the BitMEX exchange drew attention to the fact that the time between the extraction of blocks 630,000 and 630 001 was approximately two hours, whereas earlier it did not exceed ten minutes. Later time intervals were reduced and amounted to about 10–20 minutes.
Bitcoin Cash before halving confidently added in value, but after this event began to become cheaper. Over the past day, altcoin has fallen by almost 4% and is now trading at $264.8.
Author: Marko Vidrih
Featured image credit: Pixabay
Bitcoin Cash Hash Collapsed Almost Immediately After Halving was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.