Take a fresh look at your lifestyle.

The countdown begins for the halving of Zcash (ZEC)

0


There are only a few hours left before the halving that will take place on the Zcash blockchain (ZEC). As in such cases, the reward for mining the blocks will be cut in half, making the mining itself less attractive.

It is worth remembering that this blockchain had implemented the PoW (Proof of Work) consensus protocol, focusing on protecting transactions to make them as secure as possible while preserving privacy.

Currently, the reward for each block is set at 12.5 ZEC, which will go from tomorrow to 6.25 ZEC, which at the current price of around $ 64 means collecting $ 400 per mined block, instead of $ 800 before the reward halving.

To be exact, the entire operation will fire in block 1,046,400. The update is called Zcash Blossom Update and will introduce several changes, including a different distribution of the Founders reward, which will encourage the initial team and developers to work on the project. It is a similar system that recently led to the fork of Bitcoin Cash, precisely to introduce a fee to help all those who are working and developing the related blockchain.

The consequences of the halving of ZCash

The ZCash halving will be a really important update, but there will be no need to take special precautions, at least on the part of the user, considering that the nodes will have to be synchronized to avoid problems, but generally, these types of events do not affect the blockchain network.

What will suffer the most is the price, because if the reward is cut in half, there will be less ZEC in circulation. This could trigger the deflation mechanism that is present with the most famous blockchain, that of bitcoin.

It is difficult to foresee the price trend and the use of blockchain, as it is not known with certainty if it could still be profitable to mine this cryptocurrency. Many miners may decide to switch to other, more profitable chains and consequently take power away from the grid, which could weaken enough to suffer the effects of a 51% attack.

Anyway, in anticipation of tomorrow's event, the ZCash price today rises around 0.63% and is currently at $ 65 , far from the August peaks when it hit $ 95.



Leave A Reply

Your email address will not be published.