BSV is now trading at $214 as of press time, for a market capitalization of $3.9 billion, making the network the market’s sixth largest cryptocurrency. It’s down 5.4 percent over the past 24 hours, according to CoinDesk’s price index.
Bitcoin SV, the network that split off from the Bitcoin Cash blockchain in late 2018, has cut its miners’ block reward in half for the first time.
Miners on the network produced the 630,000th block around 00:50 UTC time on Friday, which, by design, triggered the halving event that reduced mining rewards from 12.5 BSV to 6.25 per block.
The halving means the daily output for newly mined BSV is now around 900 units, which, at BSV’s current price, means the pie of block rewards miners can compete over totals about $200,000 a day.
The total computing power racing on Bitcoin SV has declined by some 25 percent since a recent high around four exahashes per second (EH/s) in early February, following BSV’s price plunge from $370 to $110 within a month. The price had bounced back to over $200 over the past several weeks.
The halving event came just a day after the same milestone for Bitcoin Cash, which broke off the Bitcoin network following a heated community disagreement in 2017. Miners on the Bitcoin SV network may face the same profitability issue as those on Bitcoin Cash.
Following Bitcoin Cash’s halving Wednesday, the hashing power on the network has dropped from around 3.5 EH/s to 2.5 EH/s. It took miners about 100 minutes to mine the first block after the Wednesday halving, while the average block production time is designed to be 10 minutes.
This week marked the first halvings for the Bitcoin Cash and Bitcoin SV networks since their births in 2017 and 2018, respectively.
Bitcoin, the world’s largest cryptocurrency by market cap with currently 105 EH/s of computing power, is around 35 days away from its programmed halving, which will be the third in its history and one of the most anticipated events of 2020.
Bitcoin.com Launches HashRace Promotion to Maximize Miners’ Profits
JAPAN, TOKYO, October 21, 2019 – Bitcoin.com, the world’s leading resource for cryptocurrency-related products and news, has launched the HashRace, a Bitcoin.com Pool promotion aimed at maximizing profits for its extensive network of Bitcoin mining clients.
The 180 day promotion, which began on October 21st, 2019, will reward miners with an unlimited hashrate bonus for directing their own hashrate to the Bitcoin.com mining pool. Every miner contributing at least 500 TH/s will receive a ‘hashrate bonus’ in the form of free hashrate, dependent upon the individual miner’s contribution over the course of the promotion.
The campaign, broken into two 90-day phases, aims to provide participants with the opportunity to maximize mining profitability before the upcoming Bitcoin halving, forecasted for the Spring of 2020.
During the initial 90 day accumulation period, promotion participants are encouraged to increase their hashrate bonus by directing as much hashrate as possible to the Bitcoin.com mining pool. Following the close of the accumulation period, participants’ hashrate bonuses will be locked in according to their hashrate contribution during the preceding Accumulation Period.
From the onset of the accumulation period, HashRace participants will receive hashrate bonuses based on the amount of hashrate contributed to the Bitcoin.com Pool. After the bonus lock-in, participants will continue to receive their hashrate bonus by maintaining a daily contribution greater than 50% of their average hashrate directed to Bitcoin.com during the accumulation period.
Hashrate bonuses will be received in 30-day intervals over the course of the promotion and participants will typically receive a 7.5 TH/s bonus for every 500 TH/s that they directed to the Bitcoin.com mining pool during the accumulation period.
In conjunction with The HashRace mining promotion, Bitcoin.com has also unveiled The HashRace Top 10 Leaderboard, which will display a real-time ranking of the top hashrate contributors over the course of the promotion.
A larger HashRace Leaderboard Bonus of 10 TH/s per 500 TH/s contributed incentivizes larger mining clients to compete for a place on this top 10 leaderboard.
