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%.
Roughly half a day after the BCH halving we see the changes in hash allocation already. Both BSV and especially BCH lose hash power to BTC.— Arthur van Pelt - Dragon Industries (@MyLegacyKit) April 9, 2020
I read somewhere that the bitcoin dot com mining pool lost almost 90% of their miners. pic.twitter.com/bN5GuSdTbO
And even that number can be sliced almost in half. WTF with the BCH hashrate! 😳 pic.twitter.com/rlr0SXUCZS— Arthur van Pelt - Dragon Industries (@MyLegacyKit) April 9, 2020
Absolutely no-one is complaining about Bcash confirmation times because absolutely no-one is using it for anything important— Alistair Milne (@alistairmilne) April 9, 2020
Imo Bitcoin clone BCash (BCH) should admit failure:— Tuur Demeester (@TuurDemeester) April 9, 2020
- completely centralized since 2019
- declined 96% vs BTC
- barely any users
- no credible dev community
- no scaling prospects
Friends don't let friends buy BCash.
Regarding BCH halving you're all missing the point.— Warrrrrrrrrrren Togami 砥上勇 (@wtogami) April 8, 2020
Since early 2019 their 10-block reorg prevention made consensus subjective and thus entirely centralized as they really don't need miners anymore.
The market long ago made BCH irrelevant. Perhaps now double irrelevant. 🥱 https://t.co/FLEzwxkYGE
[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]
You’re basically “3 years ago Udi” + a bad profile pic at this pointhttps://t.co/VBO70oCMoB— Udi Wertheimer (@udiWertheimer) April 9, 2020