Bitcoin Cash Halving Event Just Happened, The Price Is Not Moving

The Bitcoin Cash halving event just happened and the latest block reward reduction was done. The block reward for the BCH miners was decreased from 12.5 coins to 6.25 which is a 50% decline which is why it is called halving. However, the Bitcoin Cash price doesn’t seem to be responding and let’s try and understand why in the BCH news below.

The Bitcoin Cash halving event from the leading Bitcoin form came a few weeks before the halving event for Bitcoin which was falling behind for a while now due to the ‘’initial problems with the BCH difficulty adjustment algorithm in 2017’’ that ended up with a 5,000 block difference between the both networks’ block heights. Although the Bitcoin halving even could have a massively bullish influence on the price, there seems to be another story for Bitcoin Cash.
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After the drop earlier today, Bitcoin Cash could barely move from the $260-$270 price range over the past hours.

The failure of Bitcoin Cash to react in any manner to this event led some to question whether the cryptocurrency has an active userbase or traders at all. The industry commentator Hodlonaut explained the entire sentiment when he explained that the event saw ‘’zero hype and zero attention’’ and the project is basically dead to which he did receive some backlash from the Bitcoin Cash community. The reports from the crypto data news site LongHash shows that during the first official halving, Bitcoin Cash will take a security hit and the decline in block reward will lead to another decline in security of the network because the ‘’ decreased value of the block reward lowers the incentive for miners to use their hashing power to secure the network.’’

It seems that this is already happening. Since the halving from the block 630,000 which took place about 4 hours ago, not one Bitcoin Cash bock was mined which also suggests that miners turned off their machines due to the drop in block rewards. The mining difficulty adjustment will also happen soon and this is expected to revive the security and speed of the entire Bitcoin Cash network.