A quick glance at fork.lol confirms that Bitcoin Cash miners are having a hard time justifying mining Bitcoin Cash (BCH) instead of Bitcoin (BTC). Infact, BTC.com which is owned by Bitcoin is simply mining Bitcoin Cash just to maintain BCH‘s hash rate.
BTC.com has mined 20 out of 36 blocks (56%) since the BCH halvening.
Bitcoin Cash’s halvening is upon us and profitability of mining BCH has dropped to half that of Bitcoin. BCH’s block time has been reduced to a great extent and more miners are moving to BTC mining.
And due to this very reason, difficulty is not having time to adjust down. It is safe to say that the only thing that is keeping Bitcoin Cash blockchain working right now is BCH’s community and miners that are willing to take a loss. See fork.lol for proof.
Right now, Bitcoin Cash is getting ~two blocks per hour and they are still under 250kb. It is a good thing that they increased max block size to 32MB.
It will be interesting to see how Bitcoin Cash halvening fares out. If, in case, BCH finally tanks, everyone in their community will jump back to BTC.
Clearly, there is never a dull day in cryptocurrency land.
April 9, 2020
| Bitcoin News