Bitcoin Cash (BCH), one of bitcoin’s forks and the fourth-largest cryptocurrency by market capitalization, has just undergone its first halving at block number 630,000.
The event, which occurred at 10:19 am UTC on Wednesday, will see the amount of BCH produced with each new transaction block reduce from 12.5 BCH to 6.25 BCH. As a result, BCH miners can expect to earn lower rewards.
Bitcoin Cash miners generated $13.34 million in March from block subsidies alone and less than $4,200 from fees. If the prices of Bitcoin Cash remain at the same level as they did in March, miners would only generate ~$6.7 million from subsidies as the subsidy gets cut in half, according to The Block's research.
Bitcoin Cash's current market capitalization stands at about $4.9 billion, according to CoinMarketCap. That figure is over 27 times lesser than bitcoin's current market capitalization of over $133 billion.
Bitcoin’s other fork, Bitcoin Satoshi's Vision (BSV), is also expected to complete its halving in less than two days at block number 629,775. Bitcoin’s halving, on the other hand, is expected to occur sometime next month.