Bitcoin SV (BSV) has seen its first halving since its creation in late 2018, hours after Bitcoin Cash (BCH) also completed its 50% block reward reduction event. The cryptocurrency first came about as a result of disagreements between opposing factions within the BCH community, which led to a group backed by self-proclaimed Bitcoin (BTC) creator Craig Wright and billionaire Calvin Ayre forking the chain to form Bitcoin Satoshi’s Vision, or Bitcoin SV.
As was the case with BCH, BSV also saw a reduction in hash rate as miners moved their computing power to the BTC chain, which is currently the most profitable to mine among all three blockchains. BSV proponents say the hash rate reduction is only a temporary trend and will do little to negatively impact miner revenue.