The cryptocurrency Bitcoin Cash, which split from Bitcoin in 2017, has completed its second halving. This means that miners now receive 3.125 BCH instead of 6.25 BCH as a reward.

This comes after the first halving in April 2020, where miner rewards were also reduced by half from 12.5 BCH to 6.25 BCH.

Bitcoin Cash, created as a faster and cheaper alternative to Bitcoin, experienced a significant increase in price leading up to the halving. However, the price dropped by 3% in the last day, currently trading at $606.21.

The market capitalization and 24-hour trading volume of BCH also decreased by 3% and 14.10% to $11,950,291,125 and $1,152,829,302, respectively.

In addition to the halving, Bitcoin Cash is set to undergo an upgrade in mid-May to introduce an adaptive block size limit. This change aims to adjust the block size based on recent block sizes to prevent spam attacks and reduce transaction costs.

The upgrade will transition the network from manual block size adjustments to automatic, real-time modifications, which is expected to improve strategic incentives within the network. The proposed upgrade plans to maintain the base 32 MB block size limit and increase it according to actual transaction volumes.

The halving and upcoming upgrade have sparked discussions among investors and miners about the future of Bitcoin Cash. The network's hashrate saw a significant increase before the halving, peaking at over 8 exahash per second before stabilizing at around 3.78 EH/s. Miners are adjusting to lower rewards while trying to remain profitable.

Investors are closely watching how the market responds to these changes and how they will impact the short-term and long-term path of Bitcoin Cash, especially as it compares to Bitcoin, which is also nearing its halving event.