Bitcoin SV’s First Halving Reduces Profits for BSV Miners

Bitcoin Satoshi’s Vision (BSV) has just completed its first halving and cut its miners’ block reward in half for the first time. 

10 April, 2020 | AtoZ Markets – After community conflicts, Bitcoin completed a hard fork in 2017 by dividing the assets into two chains: Bitcoin Core and Bitcoin Cash. A little over a year later, Bitcoin Cash was faced with disagreements within its community, resulting in the fork that spawned Bitcoin Cash and Bitcoin SV.

Bitcoin SV Finished Its First Halving

Bitcoin SV completed its first halving. BSV’s halving comes shortly after BCH’s halving event, and about a month before the Bitcoin’s halving. Network miners produced the 630,000th block around 00:50 UTC at today. It triggered the halving event, which reduced mining rewards from 12.5 BSV to 6.25 per block.

Bitcoin SV’s market capitalization is $ $3.54B, making the network the sixth-largest cryptocurrency on the market. The price of Bitcoin SV is at $192.80 at the press time. It has dropped 12.10% in the past 24 hours. Since halving, the BCH has fallen from $266 to $ 239.

The halving means that daily output for newly mined BSV is now around 900 units, which, at BSV’s current price. It means miners can compete for a total of about $ 200,000 per day.

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The total computing power of Bitcoin SV has decreased by about 25% since the recent record of four exahashs per second (EH/s). It was in early February, following the drop in the price of BSV from 370 to 110 dollars in one month. The price had rebounded to over $ 200 in the past few weeks.

Miners in the Bitcoin SV network could face the same profitability problem than those of Bitcoin Cash. Following the halving of Bitcoin Cash on Wednesday, the hash power on the network went from around 3.5 EH/s to 2.5 EH/s. It took miners about 100 minutes to extract the first block after the halving of Wednesday. But, the average production time for a block is designed to be 10 minutes.

This week, the Bitcoin Cash and Bitcoin SV networks experienced their first halving since their birth 2017 and 2018, respectively.

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