Things are slowly heading in the right direction for Bitcoin Cash. It is good to see the first 100 blocks have been mined on the network. Although it took some time to get this far, more mining pools are now supporting BCH mining. It is still not exactly profitable to mine, but that may change soon as well. The future is looking decent for Bitcoin Cash, although the price is still tanking.
When Bitcoin Cash launched, finding network blocks was a big problem. One can argue it still is to this very day. Then again, things are slowly improving, with more blocks being discovered In fact, the network reached the first milestones of 100 mined blocks. It is a small feat according to some, but still significant for BCH supporters. Thanks to some difficulty adjustments, finding blocks is easier than before.
Things Start Looking up for Bitcoin Cash
BitClub is also mining BCH blocks as we speak. It is good to see more pools support the alternative version of Bitcoin. Although the longevity of Bitcoin Cash is still uncertain, the blockchain is moving along nicely. The pool discovered three blocks in quick success earlier today. However, the mining is still dominated by the “Unknown” entity, for some reason. No one is entirely sure who is mining all these blocks or where they are located.
Speaking of network blocks, they are still small in size, all things considered. Bitcoin Cash supports block of up to 8MB in size. Bar a few larger-size blocks, the majority of them are less than half a megabyte. This is mainly due to a small number of transactions on the network. A lot of people dumped their BCH already, leaving nothing to transfer for now. Rest assured this block size will increase a bit once Poloniex starts crediting user balances, though.
With over 100 blocks mined, things head in the right direction for Bitcoin Cash. There is still a lot of work to be done, though. Unfortunately, the BCH price keeps going down across all exchanges. There is some strong buy support on Bittrex, but it is all positioned at the very low ranges. For now, securing the network is the first priority. Price concerns will sort themselves out, eventually.
Header image courtesy of Shutterstock