Home News Bitcoin Cash mining impacts impacted days before BCH price halving

Bitcoin Cash mining impacts impacted days before BCH price halving

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Important facts:
  • Bitcoin Cash Halving will happen on April 4th.

  • The price of BCH has increased by more than 450% since June last year.

Bitcoin Cash miners are at one of their best moments in years, just days before their network halving, which involves halving the rewards, as is the case with Bitcoin. Coinciding with the surge that has begun in the BTC market, the price of BCH has also skyrocketed, suggesting that miners of this network could see interesting profits if the trend continues.

Bitcoin Cash (BCH) price in the last 24 hours grew up Eleven%, Reaching USD 632 mark. This increase is not extraordinary, as during the last week and till yesterday, the increase was 35%. However, looking back, there has been a positive change of 480% in the price of BCH from June 2023 to now, as the price was then at US$104.

As a result of BCH’s bullish trend over the past nine months, the network’s hashrate has increased significantly. The explanation is that the revaluation of the currency increases the potential profits of the miners of that network. According to Coin Dance, mining Bitcoin Cash is 0.70% More profitable than Bitcoin mining today.

In that period, The computing power of the network increased from 1.44 EH/s to 6.81 EH/s. This change was particularly evident over the past 30 days, when the network’s hashrate doubled to an all-time high.

Bitcoin Cash hashrate has increased twice over the last year. Source: 2miners

After several years of depreciation, several factors appear to be driving the growth of Bitcoin Cash, both in its price and the participation of miners in network mining.

The main thing concerned the inclusion of BCH on an exchange backed by Wall Street giants, which led to a 100% increase in the price of the currency, as reported by CryptoNoticias. From then until February, the price of BCH remained virtually unchanged until Bitcoin (BTC), the main currency of the ecosystem, began to rise following the approval of the Bitcoin ETF and a few weeks after the network halving, which Historically it has been viewed as a phenomenon that drives up the price of this and other markets.

In this latest revaluation of BCH, which went from an average of USD 230 in a month to the current USD 600, miners increased their participation. Another important factor in this equation could be the proximity of the network halving, which will occur on April 4.

Perhaps the halving effect is becoming a driver of interest among investors and miners, who may rely on older generation equipment that is starting to become unprofitable in Bitcoin mining. As reported by CriptoNoticias, experts in the field say that once the halving of major cryptocurrencies arrives, many Teams, like S19, will begin to migrate to regions in Latin America and Africa Where electrical energy is cheap and why not, turn to networks that are generating profits like Bitcoin Cash.

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