The Bitcoin Satoshi Version (SV) Undergoes Its First Halving, Hashing Power Reduces

A day after Bitcoin Cash (BCH) - the first hard forked offshoot of the Bitcoin Core - had undergone halving, the Bitcoin Satoshi Version (SV) follows cue. The Bitcoin SV is also the first hard forked version of the Bitcoin Cash (BCH) that was split off from the BCH network in late 2018.

The Bitcoin SV network underwent halving after miners produced the 630,000th block in the network. Soon after this block mining, the network triggered the halving event thereby reducing the mining rewards from 12.5 BSV to 6.25 BSV per block.

The Bitcoin SV currently stands among the top-ten cryptocurrencies by market cap. However, at press time, it is trading 14% down at a price of $185 with a market cap of $3.40 billion.

The total computing power racing in case of Bitcoin SV has dropped by 25% after it attained a recent high of around 4 exahashes per second (EH/S) in February 2020. Earlier in January 2020, the Bitcoin SV price shot to over $400 with massive trading volumes. But since February, since the total hashrate has declined the Bitcoin SV price has been going downward continuously.

After attaining a 2020 low of $111 in March, the Bitcoin price has recovered back to around $200.

The Bitcoin SV network halving came just a day after the Bitcoin Cash network had gone through a similar halving process. Soon after the BCH network halving, the hashing power of the network dropped from 3.5 EH/s to 2.5 EH/s. After Wednesday’s halving, it took the miners around 100 minutes to mine the first block on the network due to reduced hashing power.

Note that it is for the first the both - Bitcoin Cash and Bitcoin SV had undergone the halving process since their inception in 2017 and 2018 respectively.