The opinions on Bitcoin and Bitcoin Cash will always remain divided. Some see BCH as an altcoin, whereas others think it can effectively replace Bitcoin. Both options are still viable at this point in time. One thing no one can argue with is how the Bitcoin Cash hashrate has increased quite a bit this week. In fact, it has reached a new all-time high, which is pretty interesting. It also appears the Bitcoin hashrate is dropping quite a bit in the past few hours.
Things are finally falling into place for Bitcoin Cash. Although the launch of this altcoin was somewhat problematic, things worked out eventually. Ever since the developers could rid of the EDA mining difficulty algorithm, people started taking this project more seriously. Moreover, the miners see the merit of Bitcoin Cash as well these days. Not just in terms of profitability, per se, but also because the network is worth supporting. After all, without miners, no proof-of-work cryptocurrency can survive for long.
Bitcoin Cash Hashrate is on the Rise
To put this into perspective, the BCH hashrate has jumped quite a bit. Although it has been stable for some time now, things are moving up. With a new all-time high of over 2.41 exohash per second, things are looking pretty good. It is not the first time Bitcoin Cash surpasses the two exohash mark, but the last time was a mere blip on the chart. It seems this new surge is far more permanent, although nothing has been set in stone just yet.
It is unclear where this increase comes from all of a sudden. The obvious answer is how Bitcoin miners are making the switch. That may be the case, as the overall Bitcoin hashrate has dipped in the past few hours. Until this trend becomes more permanent, it may very well be a blip on the radar as well. After reaching the peak of nearly 18 exohash a few days ago, things have cooled off a bit for Bitcoin mining. Right now, the network still has around 14 exohash, although it may drop below 12 in the coming hours.
How all of this will affect both currencies, remains to be seen. It is evident Bitcoin is struggling already without any hashrate shakeups. If miners were to switch to Bitcoin Cash, things can get very nasty very quickly. There is no indication as to how things will evolve in the next few hours and days. For now, everyone is paying attention to BCH, for obvious reasons. The price increase, combined with growing miner support, makes for an interesting situation worth keeping an eye on. At the same time, the Bitcoin price is still pretty volatile. An interesting end of the year lies ahead, that much is certain.
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