Many people talk about their anticipation for the halving event in Bitcoin, and how it will do wonders for the crypto industry as a whole. However, it seems that halving events for other coins simply serve as an obstacle. It hasn’t even been a day since the laving event in Bitcoin Cash (BCH) had, and the only result it’s given the network is a hit in the hash rate and a monumentally slower block generation.
Hash Rates Recorded Across The Board
Many have predicted that at least a portion of the BCH miners would pack up and leave the network after the halving to more profitable pastures, like its parent, Bitcoin (BTC). This is primarily due to the rewards being halved from 12.5 BCH to 6.25 BCH. With the hash rates rising and falling by the day, enough data’s been gathered that interpretation can be made after the halving.
Fork.lol shows the grimmest results for the BCH network. According to the site, BCH’s hash rate has dropped from 4.36 EH/s To a pathetic 1.6 EH/s, determining this through a 12-hour average. Coinwarz, in turn, has recorded a drop from 3.9944 EH/s to a less-severe 2.4595 EH/s. Bitcoin.com, in turn, actually recorded a slight rise, going up to 3.5 EH/s. As always, the sheer variance in data is noteworthy.
Massive Block Time Recorded
Through a report that Arcane Research had published on the 1st of April, the research firm warned that the hash rate for BCH could very likely be halved alongside the halving of the cryptocurrency itself. Arcane anticipated days of high volatility shortly after the halving, with an aftermath happening immediately after.
One of the first things noticed by those in the crypto world was the massive amount of lag between blocks. The research team of BitMEX took note of it through their twitter account, pointing out that the time it took to move from block 630,000 to 630,001 took about two hours.
Finally a block is produced
— BitMEX Research (@BitMEXResearch) April 8, 2020
The cherry on the cake was that before this, a typical BCH block took about ten minutes to generate.
As it stands now, however, it seems that the times between generations have returned to about 10-20 minutes, so at least that’s calmed down some.
Dark Days Ahead
While the price for BCH was pushed up by 17% this past week, it seems that the crypto has dropped down by 2.5% within the past 24 hours.
The next halving event for BCH is scheduled to occur in 2024, with 63 such events remaining. Within the span of a month, Bitcoin will experience its own. By virtue of sheer popularity, however, it is likely to go far better for BTC than its offshoot.