Bitcoin Cash miners crashed the token’s hashrate by almost 50% yesterday following its first halving, with even Rojer Ver’s BTC.com massively reducing their exposure. This has been followed by the Bitcoin SV halving, which saw CoinGeek swiftly withdraw their mining resources from the project following its own first halving, despite publicly celebrating the event.
Bitcoin Cash Suffers Huge Hashrate Drop
Bitcoin Cash miners deserted the project in droves following the halving on Wednesday, leading to a collapse in the hashrate. With rewards instantly halved from 12.5 to 6.25 BCH, miners abandoned the coin as spectacularly as feared, with the hashrate plummeting 48% post-halving, from 3.6 exahashes on April 8 to just 1.85 exahashes the following day – a drop of 48%:
As we can see however, other mining pools have filled the gaps left by those who have abandoned the project to mine Bitcoin SV or more likely Bitcoin, which include Roger Ver’s own mining pool, BTC.com:
The token price has also taken a less than profitable turn – following a quick jump from $250 to $280 right before the halving, it has since crashed back down to $240.
Ayre Points Finger at BCH
Ver was clearly on edge as the halving happened, with no blocks being produced in the immediate aftermath of the change:
After 1.5 hours of no blocks $BCH has 900 transactions in the mempool. No one is using it.
Meanwhile @rogerkver came on the live stream asking someone to “check if everything is ok since there are no blocks”.
No profit driven miner will mine now, only ideologically driven ones.
— WhalePanda (@WhalePanda) April 8, 2020
Predictably, the Bitcoin SV mafia weighed in on the action:
— Calvin Ayre (@CalvinAyre) April 10, 2020
Ayre however may not want to point too many fingers at Ver, seeing as CoinGeek, the Craig Wright and Bitcoin SV-supporting crypto mining company, have themselves stopped mining Bitcoin SV since its own halving last night:
Early records indicate that Bitcoin SV hasn’t suffered as badly as Bitcoin Cash in terms of hashrate, with its primary miners remaining at their current level of input and the loss of only minor miners, although seeing CoinGeek drop out of the running is something of a surprise given their supposed support for the project.
Then again, it’s clear that the likes of Ayre are only in it for the money so it’s not that much of a surprise after all to see them pull out when the rewards go down.