Bitcoin Cash is less than a month old (developed in early august). Recently, it experienced a reduction in its mining difficulty due to the hard times its experiencing in adjustment. A difficulty in adjustment occurs when not enough blocks are found within a specific period of time, as stipulated in a code.
Bitcoin miners will tell you, it became more profitable than bitcoin and attracted at least 40% of bitcoin miners. The low difficulty and rise in hash power led to a high production of requisite 2016 blocks in the Bitcoin Cash’s network. As an effect, Bitcoin Cash is experiencing difficulty in adjustment. It is now difficult to mine and less profitable than Bitcoin. Therefore, miners have abandoned Bitcoin Cash causing block times on the network exceed six hours.
THE BIG QUESTION
In approximately 3 months’ time, Bitcoin is set to upgrade its block size. Bitcoin cash was created by developers displeased by the adoption of SegWit and its large block sizes. This means in November, the 2MB block size will be implemented. This benefits the miners but the development team is at a disadvantage.
Block size increase by 2MB is a hard fork. In my opinion, I think, Bitcoin’s core team and their followers will continue mining in the legacy chain after the upgrade. However, Bitcoin and Bitcoin Cash Networks could compete for the “Bitcoin” name.
Current Bitcoin Cash is below $600 from $1000 but Bitcoin has maintained its range between $4000 and $4500 for a while.
As a miner or enthusiast in cryptocurrencies, drop your thoughts about the future of this ‘mother and child’.
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I have a question which might be really dumb.. but since Bitcoin Cash is basically Bitcoin with some minor changes, does that mean that asic miners used for Bitcoin can be repurposed to Bitcoin Cash? Or is it unaffected by dedicated miners?
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