The Bitcoin SV network carried out its first halving a few hours ago, reducing miners’ rewards on the system by 50%.
Bitcoin SV’s First Halving
Although the entire cryptocurrency sector is focused on the upcoming halving of the Bitcoin network, its sister networks, Bitcoin Cash and Bitcoin SV, both carried out their halving events this week.
Bitcoin Satoshi Vision, popularly called Bitcoin SV, conducted its halving event just a few days after Bitcoin Cash carried out the same process. However, for Bitcoin SV, this is its first mining halving event as it was forked from Bitcoin Cash roughly two years ago.
Miners on the Bitcoin SV network produced the 630,000th block at around 00:50 UTC on Friday. According to the cryptocurrency’s design, this milestone triggered the halving event and reduced mining rewards from 12.5 BSV to 6.25 per block.
Bitcoin SV is trading above the $210 mark, down by 5% over the past 24 hours, with a market cap of just under $4 billion. With this market cap, Bitcoin SV currently occupies the sixth position in the cryptocurrency market in terms of market cap.
According to the new realities of the halving, newly mined BSV coins would now be around 900 units per day. At the current price of BSV, miners would be mining around $200,000 worth of BSV coins daily.
Bitcoin SV is experiencing a slump, as evident in the general cryptocurrency market. The total computing power of the Bitcoin SV network is down by 25% since it surged to its recent high of four exahashes per second (EH/s) in early February. The decline in computing power saw BSV price decline from its 2020 high of $317 to $110 within a month. However, the price has bounced back to above the $200 region in recent weeks.
Bitcoin SV Still Behind Bitcoin and Bitcoin Cash
Bitcoin SV is less popular than its sister coins Bitcoin Cash and Bitcoin. Bitcoin SV’s halving event came a day after Bitcoin Cash (BCH) achieved the same milestone. Bitcoin Cash was known for popularly breaking off from the Bitcoin community in 2017 following heated disagreements. Since then, miners on the network have faced profitability issues. At the current rate, Bitcoin SV miners might face the same problems as Bitcoin SV broke off from the Bitcoin Cash network.
Bitcoin Cash, which conducted its halving event on Wednesday, saw the hashing power of its network drop from around 3.5 EH/s to 2.5 EH/s. Although the designated block production time on the Bitcoin Cash network is 10 minutes, it took miners about 100 minutes to mine the first block after Wednesday’s halving.
This week, both Bitcoin Cash and Bitcoin SV carried out their first halving since their development in 2017 and 2018, respectively. Bitcoin, which is the world’s largest cryptocurrency, continues to command superiority over its sister coins. The computing power of the Bitcoin network currently stands at 105 EH/s. Bitcoin is also 35 days away from its programmed halving, the third in the cryptocurrency’s long history. It is one of the most anticipated network events of 2020 in the cryptocurrency sector as many enthusiasts believe the Bitcoin halving event could lead to a rally in the price of the cryptocurrency and others.