- Bitcoin SV surges above $215 ahead of the halving event likely to take place a day after BCH halving on Wednesday.
- Bitcoin Cash and Bitcoin SV halving this week could cause unintended loss of hash power and a miners’ exodus.
Bitcoin SV (BSV), Bitcoin Cash (BCH)’s close rival is leading the recovery in the cryptocurrency market following a 14% growth in value in the last 24 hours. On the other hand, Bitcoin Cash has corrected higher 7.91% higher in the same period. BSV/USD is trading at $215 at the time of writing. A bullish engulfing candle on the daily chart suggests that more upside action is likely. Moreover, technical indicators such as the RSI and the MACD are in support of the ongoing bullish momentum.
BSV/USD daily chart
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Bitcoin Cash and Bitcoin SV halving
Bitcoin Cash mining reward halving is expected to take place on Wednesday. This will be its first halving since the hard fork from Bitcoin (BTC) in 2017. The exercise will see the mining reward per block reduced from 12.5 BCH to 6.25 BCH. Bitcoin Cash halving will be taking place roughly a month before the much-anticipated Bitcoin halving in May. Bitcoin SV, the close rival of Bitcoin Cash is also set to undergo a similar halving event approximately a day after BCH’s halving.
Some experts such as Brad Jasper, a developer with BSV say that the two halvings this week could lead to unintended consequences. For instance, there could be a miner exodus where some will jump to other networks for greener pastures. Jasper said in a statement that “when BSV/BCH halve, they will both lose hash power, likely to BTC.” He is, however, confident that BSV will pull through easily because the network puts emphasis on transaction growth.
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