Zcash rises in price ahead of November halving

by in Cryptocurrency News


Zcash (ZEC) has been adding in value over the past few days in anticipation of the so-called halving (reduction of miners' rewards). This event will take place on November 18th.

The ZEC rate for the week rose by almost 15% to $ 60.34. Altcoin capitalization is now just over $ 630.206 million.

In parallel, there is an increase in computing power in the network. The hashrate for Zcash is now around 6.47 GH / s. The halving will result in a reduction in the block mining reward from 6.25 ZEC to 3.125 ZEC.

The developer blog notes that this will be the first halving on the Zcash network.

Trending: Vitalik Buterin's $25.000 Doge Investment Brought Him $4.3 M

Besides, it is planned to activate the Canopy update. It will be the fifth fork to improve the performance of Zcash.

The Electric Coin Company team announced on Twitter that the halving would take place at block 1,046,400.

Miners will receive 80% of the block mining reward. The remaining 20% ​​will be split between Major Grants Fund (8%), Electric Coin Co (7%), and Zcash Foundation (5%).

Trending: El Salvador prepares to legalize bitcoin

According to Messari analysts, as a result of the halving and the fork, the Zcash team will receive up to $ 70 million and will be able to use these funds to develop the project over the next four years.