The past few months have been very busy for Bitcoin when it comes to halving, because it has not only been the original Bitcoin chain that has faced a halving — its third ever — but both of its major forks also had their halvings this year.
Bitcoin Cash and Bitcoin SV also took on their first halvings, and these came before the Bitcoin one, with many seeing this as a possible viewpoint to see what would happen for Bitcoin. However, this was not really the case as Bitcoin SV and Bitcoin Cash, although from the same coin, are still very different coins and they have different spaces in the network.
However, since the main Bitcoin chain took its halving and made its profitability 50 percent less, there has been a bit of a change in the mining ecosystem — but not as much as was seen from the first halvings where Bitcoin Cash and Bitcoin SV suffered heavily.
Many thought that there would be a bit of a miner capitulation when Bitcoin halved, but there are a number of reasons why this has not happened, but the other two forks have benefited from the small fall off in mining hash rate.
The Bitcoin Cash and Bitcoin SV hash rates have recovered following their dramatic fall after their halvings in April, and this has come because of the Bitcoin hash rate declining since the May 11 halving.
Bitcoin Cash’s hash rate increased more than 90%, from 1.43 Exehashes/second (EH/s) on May 10 to 2.74 EH/s on May 13. The hash rate of BSV also grew from 1.1 EH/s to 1.78 EH/s.
After the halving of the two forked coins, the most profitable alternative was in fact Bitcoin for crypto mining operations. So far, the BTC hash rate has declined 24% — from 137 EH/s pre-halving to 104 EH/s — but not quite to the extent that BCH and BSV did after their halvings as they went as far as an 80 percent drop. BTC has seen longer block production times too.
Miners like f2pool have noticed how BSV is more profitable than BTC at the moment: “BTC mining revenue is slightly behind BSV, but slightly higher than BCH.” However, it noted, “the mining revenue of Bitcoin Cash and Bitcoin SV usually remains very close to the mining revenue of Bitcoin.”