Bitcoin SV Just Went Through Its First Halving

Bitcoin Satoshi Vision (SV) that segregated from Bitcoin Cash back in 2018 has just completed its first halving. The reward for its miners has been cut down into half for the first time.

The halving for BSV was completed around 01:30 UTC and there was a reduction in coin’s block reward from 12.5 to 6.25 BSV.

Currently, BSV is trading at $214 for a market capitalization of $3.9 billion. This makes BSV the sixth largest cryptocurrency in the market. It has gone down by 5.4 percent in the past 24 hours as per the cryptocurrency live charts.

Both BSV and BCH have 21 million total coin supply, similar to their parent chain -Bitcoin (BTC).

It is believed that halving is good for an asset’s price because the reward of participation in a given blockchain decreases. As a result, it could add to perceptions of the scarcity of the corresponding cryptocurrency.

There was a community dispute due to which Bitcoin completed a hard fork in 2017 and that led to split the asset in two chains- Bitcoin Core and Bitcoin Cash. However, a year later there was a conflict between its own community and that led to generating Bitcoin Cash and Bitcoin SV.

In the analysis, the asset’s network has faced miner departures and profit swings. The BSV asset remains In the immediate wake of the halving, the BSV asset remains down 5.3% for the day.