Bitcoin Cash Mining Hashrate Briefly Overtakes Bitcoin Core, Becomes Longest Chain

The mining hashrate for Bitcoin Cash briefly rose higher than that of Bitcoin Core today, gaining majority at slightly above 51%, currently standing at around 45% at the time of writing.

That made it the most secure chain out of the two for that period just over three weeks after the chain-split currency came into existence.

Hashrate distribution between bitcoin cash and bitcoin core.

Bitcoin Cash remains more profitable to mine at the time of writing, attracting considerably more hashrate than Bitcoin Core on some mining pools, such as ViaBTC.

That has made Bitcoin Cash’s blockchain the longest chain out of the two, which combined with a majority hashrate can give the currency claim to the bitcoin name.

Bitcoin Cash Mining Hashrate Briefly Overtakes Bitcoin Core, Becomes Longest Chain
Bitcoin Cash becomes the longest chain.

Its price remains lower, at around 15% of Bitcoin Core, primarily because it has not attracted necessary infrastructure, such as easy merchant processing ala BitPay.

The latter is more focused on segwit2x, taking some considerable flak recently, primarily from Blockstream employees, after asking their merchants to download the segwit2x client.

While the other major merchants processor, Coinbase, has not yet managed to even distributing Bitcoin Cash, let alone offering it as an option to their merchants.

Which, in combination, might open the door to a new competing entrant, especially as eth is also lacking an easy means for merchants to accept it.

With fees in Bitcoin Core continuing to rise to new highs even after segwit’s activation and complaints of delays for hours and days, it will be interesting to see if the brief overtake in hashrate becomes a more long term occurrence.

Miners are oscillating between the two dependent on profitability, probably even using automatic programs to instantly switch, so one of the currencies might have to become a clear “winner” for some stability.

Something which may take months, especially as the Bitcoin Core chain faces a November stand-off regarding segwit2x that might lead to even more in-fighting.

It therefore is not clear what the market will decide in a more long term manner. For now, some projects are already moving to Bitcoin Cash due to its low fees and as good as instant transactions.

Others may follow if the chain continues to attract adoption and users, making it a real viable alternative to Bitcoin Core.

 

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