The crypto space is so fixated on the Bitcoin (BTC) block halving which is coming around May 12-14 that many people may not realize that there are two block halvings coming this week. In fact, Bitcoin Cash (BCH) is having its first block halving today, and tomorrow Bitcoin SV (BSV) will have its first block halving.
The halving can be monitored on the Bitcoin Cash (BCH) block explorer and the Bitcoin SV (BSV) block explorer. As soon as the block number hits 630,000 on either block explorer, then the block halving will occur, and the block reward will decline from 12.5 coins to 6.25 coins.
The reason this is the first block halving for both Bitcoin Cash (BCH) and Bitcoin SV (BSV) is that they are essentially copies of Bitcoin (BTC) and had the same block number and block reward parameters when they forked. Bitcoin Cash (BCH) was forked in August 2017, well after the last Bitcoin (BTC) halving in 2016, and then Bitcoin SV (BSV) subsequently forked from Bitcoin Cash (BCH).
It is expected that one of the main impacts of the Bitcoin Cash (BCH) and Bitcoin SV (BSV) block halvings this week is that miners may abandon the chain and start mining Bitcoin (BTC). Mining rewards will drop by 50%, which is enough to wipe out the entire mining profit margin for many miners. This could potentially leave Bitcoin Cash (BCH) and Bitcoin SV (BSV) susceptible to 51% attacks.
As to whether this will be a big deal for the Bitcoin Cash (BCH) and Bitcoin SV (BSV) price, it is already leading to a speculative rally, and Bitcoin Cash (BCH) is up 7% and Bitcoin SV (BSV) is up 12% in the past 24 hours.
It remains to be seen how the Bitcoin Cash (BCH) and Bitcoin SV (BSV) market will react after the halving is completed. The total amount of Bitcoin Cash (BCH) and Bitcoin SV (BSV) mined per day will only drop by $190,000 and $250,000 per day respectively, which really isn’t that much. Compare this to Bitcoin (BTC) where the block halving will cause the amount mined per day to drop by $6.5 million.