Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

The Bitcoin Cash network stands on the brink of its forthcoming halving event, set to take place a week from now. This milestone will see mining rewards on the network notably reduced from their current levels.

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Currently, Bitcoin Cash ranks as the 15th largest by market capitalization among over 10,000 cryptocurrencies, having risen 91% against the U.S. dollar over the last month.

Bitcoin Cash to Enter New Phase With Upcoming Halving and Adaptive Blocksize Upgrade

Expected to kick off around April 4, 2024, the reward halving on the Bitcoin Cash blockchain will decrease mining incentives from 6.25 BCH to 3.125 BCH at block 840,000. Presently, the network finds itself at block 839,044. As the halving looms, Bitcoin Cash has experienced a substantial 32% increase against the greenback over the past week and 91% over the preceding month, thereby enhancing the BCH hashprice. This adjustment has rendered BCH mining 0.2% to 0.4% more profitable than mining BTC.

The impending halving and the resultant rise in hashprice have spurred an increase in the network’s hashrate, which has doubled in the past 90 days. According to the seven-day simple moving average (SMA), the total hashrate of Bitcoin Cash has fluctuated between 5 and 7 exahash per second (EH/s) over the past day. The network is currently supported by 30 mining pools, with Viabtc at the forefront, commanding a rate of 671.65 petahash per second (PH/s). Other leading mining pools include Millpools, Solopool, F2pool, and Trustpool.

Following this halving event, in 47 days, the network is poised for its next update on May 15, 2024. This update is anticipated to implement CHIP 2023-04 Adaptive Blocksize Limit Algo. As detailed on gitlab.com, this algorithm is projected to have minimal impact on the existing dynamics and incentives within the Bitcoin Cash ecosystem. The algorithm will maintain the current 32 MB cap as the base “stand-by” value, with any increases by the algorithm seen as additional capacity supported by actual transaction volume.

As the Bitcoin Cash community stands at the cusp of these pivotal changes, the focus shifts to how these developments might shape the future of BCH. With the halving and impending upgrade, the network’s resilience and adaptability are under test. These events could potentially redefine the economic and mining landscape of BCH, influencing its position in the broader cryptocurrency market.

What do you think about the Bitcoin Cash halving event coming up in a week? Share your thoughts and opinions about this subject in the comments section below.

Soource: news.bitcoin.com.

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