The Bitcoin Cash (BCH) network recently experienced its anticipated halving event, marking a significant milestone in blockchain history.
Block Reward Halving Happened in Bitcoin Cash (BCH)
BCH miners saw their rewards drop to 3,125 coins per block, half the previous reward of 6.25 coins.
The halving event, which takes place in an environment where network hashrate is increasing, underlines the evolving dynamics in the BCH ecosystem.
Prior to the halving, BCH's total Hashrate increased, reaching over 8 Exahash per second (EH/s) on April 1st, and stabilized at approximately 3.78 EH/s on April 3rd.
This increase in hashrate, which started in late February, indicates increased miner activity and interest in the BCH network. With the halving event, BCH is now laying the groundwork for a mid-May upgrade aimed at introducing an adaptive block size limit.
The upcoming upgrade aims to implement an algorithm that dynamically adjusts BCH's block size based on recent block sizes, thereby increasing the network's resilience to spam attacks and reducing transaction costs.
The proposed upgrade, outlined in the Gitlab repository, essentially maintains the current 32 megabyte (MB) block size limit while allowing for potential adjustments to accommodate changing transaction volumes.
By automating block size adjustments in real time, BCH aims to increase the responsiveness of the network while maintaining strategic incentives and gaming dynamics.
The BCH price was already making a name for itself with the recent increases. It experienced an 11 percent increase during the day.
*This is not investment advice.