Bitcoin Cash faces 'crisis' after the halving block reward event




More than 50% of Bitcoin Cash orders come from a single address?


Bitcoin Cash (BCH) - the first successful hard fork of Bitcoin, completed the halving event at the 630,000th block, with the reward reduced to 6.25 BCH per block. Antpool, one of the leading mining units in this network, has dug up the aforementioned block.


Bitcoin Cash fired the first shot in the "halving season" when coins named "Bitcoin" were scheduled to be ready for the event to halve their block rewards in the near future. Bitcoin SV will be halving on April 9 and Bitcoin (genuine product) will be halving on May 14.



However, within this article, we will discuss the story of Bitcoin Cash, when the halving event seems to bring more and more bad news to the coin in the near future.


Bitcoin Cash network security: From bad to bad?


As we all know, a halving event means that the block reward of Proof-of-work networks is reduced by half. According to the current valuation, the estimated block reward of BCH will be about 1703 USD post-halving, that number of BTC will be 45687 USD.


While these figures are estimates, they also give a pretty clear picture, where miners are more likely to turn their hardware into Bitcoin mining - the currency for large profit margins. more. With BTC's hashrate 30 times that of BCH, the profit of BTC mining is 53 times that of BCH.



51% attack risk


If the price of Bitcoin Cash is not near the highest level in 2020 as it is now, many miners will still bet on the growth of this currency and stay with the network to wait for the BCH to go higher. However, the growth momentum for Bitcoin Cash is currently very weak, plus the block reward has just halved, it will be difficult to convince miners to stay with this network.




“Almost an hour after halving and still no more blocks. After reducing the block reward by 50%, did the miner discard all or just lag? ”



If the underlying figures are observed, in the past 30 days, BCH's hashrate has fallen by 30% from its peak in 2020 at 3.44 EH / sec and 55% from its all-time high. The health of the network is clearly in a weakened state, and cutting block rewards can make matters even worse.


Therefore, if the BCH hashrate continues to decline after miners start cutting down their processing power and moving to Bitcoin, then the likelihood of a 51% attack will be very high and the possibility for Third parties take advantage of this network very clearly.


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According to Coin68 / AMBCrypto
Recompiled ToiYeuBitcoin