Bitcoin Specie Hashrate Plunges spil Price, Mining Profitability Wane
The bitcoin specie hashrate has plunged overheen the past week, falling to just 5% of the main blockchain’s hashrate. Spil a result, block distribution is increasingly becoming centralized.
Bitcoin Contant Hashrate Falls to 440 PH/s
Bitcoin miners are te a unique position te that they can seamlessly budge inbetween the BTC and BCH blockchains to mine the most profitable coin. This has created wild fluctuations ter the bitcoin metselspecie hashrate because the network difficulty adjusts more often than the main blockchain. When the network launched following the user-activated hard fork (UAHF) on August 1, bitcoin wasgoed far more profitable to mine, so the miners who switched overheen to BCH did so for reasons other than instant financial build up.
BCH Mining Profitability | Chart from Coin Dance
Two weeks zometeen, the bitcoin contant price began to climb spil a network difficulty adjustment neared. Difficulty wasgoed dramatically diminished following the adjustment, and all of a sudden hashpower began pouring into the bitcoin specie network. At its peak on August Legitimate, bitcoin contant wasgoed 234% spil profitable to mine spil the main blockchain, and on August 22, the bitcoin specie hashrate actually surpassed bitcoin for a few hours.
Combined Bitcoin/Bitcoin Contant Hashrate | Chart from Fork.lol
However, this flood of hashpower led to blocks being found almost every minute, triggering a difficulty adjustment that caused profitability to plummet and miners to abandon the network. Despite a geschreven journey back to parity, bitcoin has remained the more profitable blockchain for the majority of the past week. At present, bitcoin is 27% more profitable to mine, and the bitcoin metselspecie hashrate has evaporated to 440 PH/s-just 5% of the combined BTC/BCH total.
BCH Block Distribution | Chart from Coin Dance
This diminished hashpower is rapidly centralizing the bitcoin metselspecie hashrate, which te theory makes bitcoin metselspecie more vulnerable to a 51% attack. Spil this block distribution chart from Coin Dance demonstrates, F2Pool, ViaBTC, and AntPool have significantly diminished the hashpower they are directing at the BCH network, enabling an unknown miner or group of miners to find 75% of the last 144 blocks. On the main bitcoin blockchain, for reference, no single pool has found more than 17% of the blocks mined ter the last week.
Featured photo from Shutterstock.
- Posted te: Altcoin News, Bitcoin Analysis, News
- Tagged ter: Bitcoin Specie, uahf
Posted by Josiah Wilmoth
Josiah is a former ancient and medieval literature teacher. He has bot writing about cryptocurrency since 2014, and his work has bot cited ter Business Insider, NPR, and Yahoo! Finance. He lives ter rural North Carolina with his wifey and son. Email him directly at josiah.wilmoth(at)cryptocoinsnews.com.
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