Zcash blockchain has undergone its first in history halvening that reduced the block reward from 12.5 ZEC to 6.25 ZEC.
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The halving happened at block height 1,046,400. With the reduction, the network also received the fifth upgrade called Canopy that establishes a new development fund, largely earmarked for new participants to improve, build upon, extend and support Zcash.
At the time of writing, ZEC is trading at 62,41 (-4,56%) with $655 million of market cap.
The reduction of mining reward on Zcash blockchain happens every four years (840,000 blocks). Zcash's initial block reward was 12.5 ZEC, new block reward will be 3.125 ZEC. While Zcash's total supply is equal to bitcoin's one at 21,000,000 ZEC, Zcash ecosystem has already mined 10,501,613 ZEC.
In July, Zcash experienced the so-called Heartwood upgrade at block 903,000 which improved interoperability through Flyclient support and allowed the cryptocurrency miners to protect mining rewards in coinbase transactions.
The upgrade had been activated by the Zcash Foundation and the Electric Coin Company (ECC).
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