Bitcoin Cash (BCH) halving has completed at block #840,000. There are less than 20 days left before the same event, but in the Bitcoin (BTC) blockchain. The miners reward for a mined block in the Bitcoin Cash network has been halved – from 6.25 BCH to 3.125 BCH. The BCH rate reacted with a sharp fall, but by the time of writing, it had recovered and continues to grow.
Bitcoin Cash (BCH) Halving
Bitcoin Cash is a fork of Bitcoin that appeared in 2017 and also works on the Proof-of-Work (PoW) algorithm. The latest halving was the second in the history of the project. The first took place on April 10, 2020, when the block reward decreased from 12.5 BCH to 6.25 BCH. Block #840,000, where the halving ended, was mined by the ViaBTC mining pool. For it, miners received a reward of 3.156 BCH.
According to Coin Dance, after the end of the event, 13 more blocks appeared on the network. The pauses between production are more than an hour.
BCH Price Forcast
In anticipation of the event, the price of BCH was growing due to speculation. Since the beginning of the year, the asset rate has grown by more than 147%, and over the week – by 15.6%.
In addition, open interest (OI) in perpetual Bitcoin Cash futures contracts reached a historical maximum. During the day on March 29, the figure jumped by 18% and hit a peak of $708 million.
The day before the halving, the value of the token dropped by 9.94% to $572.21, according to coinmarketcap. However, the figure has now recovered. At the time of writing, BCH is trading at $681, having risen in price by 10.7% over the past 24 hours.
However, the current level is still 83% below the all-time high (ATH) reached in December 2017. At that time, the price of Bitcoin Cash was $3,785.
Two weeks left until Bitcoin halving
Meanwhile, there are 16 days and two thousand blocks left until the long-awaited halving of the main cryptocurrency, Bitcoin. According to coinmarketcap, Bitcoin is now trading above $66 thousand.
Each of the previous halvings pushed the first cryptocurrency to new ATHs, so analysts expect the same this year. Thus, Bernstain predicts that by 2025 the BTC rate will break through $150 thousand, which, in addition to the upcoming event, will be facilitated by the continuing influx of institutional capital through spot Bitcoin ETFs.
