This week marked an important milestone for Bitcoin Cash, as last Wednesday the crypto-asset reached block height 630,000 and cut the mining reward by half to 6.25 BCH every 10 minutes. This event happens every four years or more specifically after 210,000 have been mined.
While most of the crypto news sites were talking about how this halving took almost 2 hours to be completed and how some miners left the network after this, we decided to analyze what happened on that day from a different and more data-centric perspective.
A quick summary of Bitcoin Cash:
Bitcoin Cash is a hard-forked version of the original Bitcoin Blockchain similar to Litecoin or Dash. It was created in August 2017 and the main intention was to increase the block size that would allow more transactions to be processed. Major stakeholders such as Roger Ver proposed to increase the size of blocks to 8 MB. The number of transactions on Bitcoin Cash’s blockchain can reach 25,000 per block. It also differs from Bitcoin in the fact that it does not incorporate SegWit as a solution to accommodate more transactions.
Now that we have a basic understanding of the project, let’s dig into some key data points of that day by leveraging the IntoTheBlock platform.
1. The daily addresses activity went through the roof.
On Wednesday, the same day the Halvening occurred, there was a huge spike in the number of active addresses in the Bitcoin Cash network.
A total of 161 thousand addresses were active on that day, which represents a 388% increase compared to the 33 thousand active addresses on Monday.
The number of new addresses entering the network also saw a big increase of 357% during the last 7 days as did the number of addresses leaving the network (zero balance) by 363.76%.