Bitcoin Cash Becomes the Longest Chain As Miners Toggle Between Profits

Miners Continue to Bounce Back and Forth Between Chains Chasing Profitability

Downward Difficulty Drops and New Infrastructure Announcements
At the time of writing, BTC has a hashrate capturing roughly 4.3 exahash per second, while the BCH hashrate is 3.2 exahash. The reason miners have been jumping around chasing profitability, is because of BCH’s median time difficulty drops significantly compared to bitcoin’s difficulty recalculating every 2016 blocks. However, bitcoin’s price has spiked quite a bit, and mining on the BCH chain is only 5 percent more profitable to mine. BCH supporters have also seen some more infrastructure support for the network, as last week the Blockchain startup announced wallets would have an extraction tool shortly. Further, the social media startup the Yours network revealed they were switching from litecoin to BCH. Additionally, other projects are in the works like a bitcoin cash-based paper wallet generator, and the new Exodus wallet (Eden) announced it would support BCH.
Nchain and Craig Wright Deny Being Involved With Bitcoin Cash
In addition to the BCH chain’s achievements over the past few weeks Nchain’s chief scientist, Craig Wright, recently applauded the efforts set forth by bitcoin cash developers. Moreover Wright and his company Nchain announced they were not behind the BCH project as many assumed the firm might’ve been the “unknown” mining hashrate. “The incorrect comments include anything suggesting that I am behind the bitcoin cash initiative; I am not,” explains Wright.Nchain’s CEO Stefan Matthews also confirmed Wright’s statements by telling the media the company has not backed the bitcoin cash project. “We agree with its principles to bring sound money to the world with low fees and reliable confirmations, and its desire to spur unrestricted growth, global adoption, and decentralized development. We wish success to bitcoin cash and whoever is responsible for the initiative,” Matthews adds. What do you think about the bitcoin cash progress so far? Let us know what you think in the comments below.However, I applaud the efforts of whoever is behind bitcoin cash to achieve a truly decentralized, peer-to-peer electronic cash with higher, more efficient transaction capacity.
Images via Shutterstock, Fork.lol, and Coin Dance charts.
Bitcoin.com offers up-to-the-minute charts on bitcoin price and other stats. Our feeds show the bitcoin price index in all three major currencies (USD, CNY, EUR). Also, if you want to dig deeper into how the bitcoin network is performing behind the scenes, check out the statistics page too. The post Bitcoin Cash Becomes the Longest Chain As Miners Toggle Between Profits appeared first on Bitcoin News.
BCH bitcoin cash Blockchain BTC Craig Wright Exahash Exodus Wallet Hashrate Longest Chain Miners Mining Pools N-Featured nChain paper wallet PoW Yours Network