Bitcoin Cash: What will the second halving in history bring for miners?
Bitcoin Cash: What’s Happening in the Cryptocurrency Market?
Bitcoin Cash (BCH) is one of the popular cryptocurrencies in the market, currently trading at a price of $574.84. Over the past 24 hours, there has been a 9.06% increase, attracting the attention of investors and cryptocurrency enthusiasts. However, these are not the only reports related to BCH affecting the current market landscape.
Second Historic Bitcoin Cash Miner Reward Reduction
The second historic Bitcoin Cash miner reward reduction is approaching, scheduled for next week. This payout adjustment has a significant impact on the cryptocurrency market, motivating investors to take various actions to secure their positions.
Trading Records and Open Interest Values
On March 28, there were significant trading volumes in both short and long positions amounting to $190,140 and $211,870, respectively. Furthermore, the Open Interest (OI) in Bitcoin Cash futures contracts reached a record high of $708.75 million, indicating increasing investor interest.
Changes in Open Interest Value in Light of Reward Reduction
Prior to the upcoming Bitcoin Cash miner reward reduction, the Open Interest (OI) reached record levels. In May 2021, OI hit $684.12 million when the BCH price reached its highest values in the last five years, peaking at $1,399.
Historical Bitcoin Cash Miner Reward Reduction
In 2020, the OI for Bitcoin Cash was $63.29 before the first historic miner reward reduction, which changed the rewards from 12.5 BCH to 6.25 BCH.
Miners are increasing their efforts ahead of the impending reward reduction, and a noticeable increase in computing power for BCH is observed – this is the information shared by user DavidShares. The hash rate, which is a measure of the total computing power used for mining and processing transactions on the proof-of-work blockchain, plays a significant role in the entire process.
Bitcoin Cash in the Context of its Historical Peak
Despite some growth and market changes, Bitcoin Cash remains significantly below its historical peak, which occurred in December 2017 at $4,355. The reduction in BCH miner rewards occurs slightly earlier than in the case of Bitcoin due to the temporary use of a different algorithm in 2017, which accelerated block creation time.
Summary of the Cryptocurrency Market Situation
The planned Bitcoin Cash miner reward reduction and the record trading and open interest values are significant events in the cryptocurrency market. Investors are closely monitoring the situation, taking appropriate actions to protect their interests in the face of upcoming changes.
