Bitcoin Cash Undergoes ‘Halving’ Event

[Njoki]

Yes it did and I thought the crazy returns would be perfect for me but it has really grown then , from 4000 usd to now ranging between 11 K and 12 K so yeah on that one the event helped bitcoin though people thought of crazy numbers but they never yielded , for some reason < I thought bitcoin would just flaten out but its still going on strong

[Wekesa]

And I think its this event that has caused the price to stabilize at around 11 thousands, but we hope that this might change in the future so we need to keep on trying as hard to make sure that we look for other changes, the greatest of them all is when you can be able to use it, becase the price does not matter if you cannot be able to afford to use it.

[Trader_Rob]

What could be the implication of this event? If the reward has been cut by half, does it mean that mining has become less profitable now?

[crowplayer]

The world's fifth-largest cryptocurrency network by market capitalization reached block height 630,000 at roughly 12:20 UTC on Wednesday – by design triggering the so-called "halving" event that reduced the network's mining reward from 12.5 bitcoin cash (BCH) per block to 6.25.

That means miners competing for block rewards on the network will see their immediate mining revenue reduced by half, resulting in no or slight returns despite investments in costly mining equipment.

The mining difficulty and hash rate on bitcoin cash – a measure of how much miner power is participating on the network – has recently been on a downward trend in the run up to the halving, dropping from around five exahashes per second (EH/s) in mid-February to 3.3 EH/s currently.