Bitcoin Cash Lost 66% Of Its Hashrate, Bitcoin SV Miners Leaving Too

Today, Bitcoin SV (BSV) halved its mining reward for the first time, cutting it to BSV 6.25 (USD 1,195) per block and prompting some miners to leave the network, while Bitcoin Cash (BCH), two days after its first halving, still can’t stop its miners from leaving.

BSV saw its hashrate, or the computing power of the network, drop by almost 16% in 24 hours (07:35 UTC). In the past 24 hours, BCH’s hashrate dropped almost 63%. Between this current number and the halving two days ago, the hashrate dropped 66%.

On the other hand, Bitcoin’s (BTC) hashrate went up 0.5% in the past 24 hours. As discussed earlier, analysts believe that the miners will use the chance that BTC’s block reward is still BTC 12.5 (USD 86,700) for a month and will switch to it until it too halves.

Meanwhile, BitMEX Research, in their report discussing the impact of the BTC halving expected to happen in May, estimated that despite the mining reward will drop 50%, “based on the current industry structure and assuming the bitcoin price does not change, we predict that the [halving] might cause the network hashrate to decline by around 30% to 35%.”

Also, charts show a steep dive in mining profitability for BCH, starting with April 7.

As for BCH, it took almost two hours post halving for a block to be produced. The charts show the average block time spiked to 26 minutes on April 9.

A spike for BCH can also be seen in the number of active addresses per day on April 8, though since that day’s peak, it dropped 85% in total, and almost 4% since yesterday. Meanwhile, BSV saw an almost 10% rise in the number of active addresses since yesterday.

At pixel time (08:50 UTC), BCH trades at c. USD 237 and is down 10.5% in a day and 1% in a week. BCV dropped 12% in a day, trimming its weekly gains to 4%. BCH and BCV suffered the biggest loss today, while other coins from the top 10 dropped 5%-9.6%.

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[TWITTER=” https://twitter.com/LinaSeiche/status/1248233613008625664″] img=https://pbs.twimg.com/profile_images/1135565825312641029/-OgCnDAQ_normal.jpg nick=LinaSeiche name=Lina Seiche date=Thu Apr 09 12:57:39 +0000 2020 text=The cost to attack Bcash for 1 hour is now $7,517, down from $22,000 yesterday. https://t.co/q8tmdkRSaq id=1248233613008625664 [/TWITTER]
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