In addition to Bitcoin halving next year, Bitcoin cash (BCH) will also be halved, and it will come earlier than Bitcoin. There are still about 161 days since the halving. Unlike many people who believe that halving will bring price increases to Bitcoin, Dan Held of the cryptocurrency exchange Kraken believes that this incident will bring bad luck to the BCH network.
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Bitcoin cash (BCH) is halved ahead of schedule
Although the halving of block rewards is seen as a favorable price trend for BTC. However, in the case of Bitcoin Cash (BCH), halving will be a disaster. So far, the BCH network has not halved its history since its birth on August 1, 2017, so the BTC's halving price trend may not apply to BCH.
Dan Held, director of business development at Kraken, commented on the halving of BCH and referred to BCH with the unwelcome "bcash".
"Half halving will be catastrophic for Bcash.
First, bcash halved – block rewards are cut in half – miners switch to bitcoin (because they share the same hash algorithm) – security spending becomes dangerously low – 51% attacks become very easy https:/ /t.co/wfIDIil4kT -Dan Hedl (@danheld) October 28, 2019" As can be seen from the relatively early halving schedule, the BCH network experienced a “strip mining” period, during which bitcoin miners switched to the BCH network and gained rewards more easily. If BCH miners give up after halving, a similar thing may happen after halving. Owners of high-speed SHA-256 ASIC miners are more likely to receive mining and reduced block rewards, which will compensate for the reduced BTC rewards.
Halving the Litecoin may be a warning
If you want to learn from other currencies, the LT halving is one of them. A few months before the start of the halving, the Litecoin was advertised, achieving a sharp rebound from a low of $22 to more than $140. But about a month before the start of the halving, prices began to fall, falling to between $50 and $60.
In addition, Litecoin miners abandoned the network. The network's hash rate (power) drops from a peak of about 500 TH / s to about 200 TH / s. Block rewards were reduced to 12.5 LTCs, and the miners of the network were not attractive for miners purchasing L3 miners. Subsequently, the network is now much less secure than it was before halving.
But as far as Litecoin is concerned, not many L3 owners are willing to take over the network. In terms of Bitcoin Cash (BCH), even a small portion of Bitcoin mining capacity may be converted to Bitcoin Cash (BCH) and a 51% attack.
With the support of the Bitcoin mining giant, the BCH network is vulnerable. What's more, if the BCH miners are halved, the danger will be even more serious.