It is evident the Bitcoin Cash ecosystem direly needs more mining pools in the coming days. Up until now, an unknown entity has mine nearly all network blocks. ViaBTC is slowly cranking up their hashpower, though, which will have a positive impact on the network. It now appears BTC.com is also mining Bitcoin Cash. Having the second-largest BTC mining pool on board is rather significant. It also shows BCH is not going away anytime soon.
The Bitcoin Cash ecosystem has been in an awkward state for some time now. Since the launch, there has been far too little support from mining pools Only ViaBTC and Bitcoin.com have actively contributed hashpower to the chain so far. They are now joined by BTC.com, which successfully mined its first block not too long ago. Everyone who feels BCH has a good chance of succeeding will be pleased to hear things evolve in the right direction. After all, more mining power means a more secure network and hopefully a higher price per BCH.
BTC.Com Starts Mining Bitcoin Cash Blocks
It was only a matter of time until more mining pools supported BCH. With the mining profitability no longer in Bitcoin’s favor, intriguing changes lie ahead. Bitcoin Cash will see another difficulty adjustment very soon. That one should, in theory, make mining BCH even more profitable. The only question is whether or not miners will keep dumping their coins across exchanges to drive the price down. Achieving an ROI is a top priority, but it shouldn’t come at the cost of purposefully pushing prices down.
Keeping in mind how the BCH hashrate keeps going up, interesting things will happen. First of all, transaction fees will be kept to an absolute minimum for some time to come. Secondly, the time in between blocks will be reduced to create a more competitive network. More mining power moving over to BCH means the Bitcoin network loses its capacity as well. More specifically, it could leave the network at a rather high difficulty for some time to come. With SegWit2x pools potentially forking off the network as well, things can turn out very bad for the legacy chain these next few months.
Despite all of that, it is surprising to see BTC.com get on board. The pool had no intention to mine Bitcoin Cash anytime soon. Something has changed in this regard, although no one knows what exactly. They are an independent pool despite being owned by Bitmain. The pool operator is also a strong Bitcoin Core supporter, for all intents and purposes. Then again, it is possible the company wants to give the miners a choice. If all of their hashpower goes to BCH, things will get very intriguing indeed.
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