The blockchain network of Bitcoin's (EXANTE: Bitcoin) fork called Bitcoin Cash (BCH) has successfully approached at block 630,000 the very first in its history halving.
As the cryptocurrency developers planned before, the size of the reward per block decreased from 12.5 BCH to 6.25 BCH.
This is the first halving in the history of Bitcoin Cash, which separated from the original Bitcoin network back in 2017.
Meanwhile, the other Bitcoin's fork called Bitcoin SV (BSV) will experience a similar halving on April 11th.
Analytical agency CoinMetrics forecast that the Bitcoin Cash and Bitcoin SV halvings will force cryptocurrency miners to switch their powers to focus on a more profitable network, for example, the Bitcoin one.
However, the price of bitcoin cash currency has not changed much amid the network cut mining rewards.
At press time, BCH is trading at $265.
Earlier iHodl reported that bitcoin miners earned $380M in March, which is 25% lesser than a month earlier.
Most of these profits come from the reward the miners receive per mined block, which currently amounts to 12.5 BTCs. However, once the Bitcoin halving is completed, which is scheduled for next month, this reward will fall to 6.25 BTCs.
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