Bitcoin Cash hash rate drops following block reward halving

New data indicates that Bitcoin Cash's hashrate has fallen since the network's per-block reward subsidy halving this week.

As The Block previously reported, the halving was Bitcoin Cash's first since the breakaway cryptocurrency's formation in 2017. The event took place at 10:19 am UTC on Wednesday, leading to a reduction in the number of coins produced with each block from 12.5 BCH to 6.25 BCH.

BCH's halving comes more than a month before bitcoin is expected to undergo its own block subsidy halving.

Data from Coin.Dance, which tracks hashrates for Bitcoin, Bitcoin Cash and Bitcoin SV, shows that BCH's hashrate fell below its typical variance on April 8. After hovering above 4,000 PH/s, it ended the day around 1,900 PH/s. Since the beginning of April 9, that figure has dropped to as low as 421 PH/s. The most recent Coin.Dance data indicates a hashrate of 498 PH/s.

Source: Coin.Dance

Bitcoin Cash miners made $13.34 million in March in revenue from block subsidies and less than $4,200 from fees. Because of the halving drop, that subsidy-related income is effectively cut in half.