Bitcoin Cash hashtag plummeted after halving
On April 9 we made a post here on Webitcoin talking about the developments of Bitcoin Cash halving. The main point discussed in the mentioned article was due to the sharp drop in the Bitcoin Cash hashrate, which dropped by more than 80% in less than 48 hours after the event.
The community was surprised even by the fact that Roger Ver, BCH’s greatest patron, joined most of the miners and removed most of his processing power from the Bitcoin Cash network.
After recording 3.9772 EH / s hashrate on the morning of April 8, the BCH saw its mining power plummet. On April 9, just under 24 hours after the registered hashrate top, Bitcoin Cash recorded only 748,7246 PH / s of computing power.
But what about Bitcoin Cash today? Were these almost two weeks enough to ease the pressure and bring the miners back?
BCH breathes, but still far from ideal
The answer to the question asked above is both yes and no. Yes, as the hashrate has recovered significantly from the bottom of the 9th, more than doubling. And no, because it is still far below what would be “fair”.
It is well known that the post-halving trend is for the currency to fall in the hashrate. The problem is that in BCH this fall was very expressive, and even after recovering a little, it did not return to acceptable levels. You will be able to see what we are talking about in the chart below:
Graph by: coinwarz
During the writing of this text Bitcoin Cash recorded a hashrate of 1.5473 EH / s, which represents less than half of the computational power in pre-halving. This value is also well below the range of 3,500 EH / s to 3,700 EH / s that the BCH stayed for most of March.
With that, it remains for Bitcoin Cash to wait for the Bitcoin halving that should take place on May 12th. The expectation is that BCH’s mining power will rise again when BTC goes through its mining reward reduction event. If not, gloomy days may be waiting for Bitcoin’s biggest fork.