Bitcoin Cash Flips Mining Profitability

 Bitcoin Cash (BCH) markets have been extremely bullish over the  past two days after hovering in the $300 range for a solid week.  Currently, one BCH is averaging $550 per token, and the market has  pushed Ripple out of the way by taking the third highest market  capitalization position. 

Other Miners Consider Mining Bitcoin Cash as the Network’s Mining Profitability Comes Close to Parity With BTC 

 The Bitcoin Cash network is moving along  more smoothly on its eighteenth day as miners have processed 1062  blocks since August 1. Over the course of that period, many larger  blocks have been found above the 1MB block size parameter. Most of the  bigger blocks have been in the 2MB-4MB range, but on August 16th the  mining pool Bitclub mined an 8MB block  which confirmed 37,000 BCH transactions. The BCH chain’s difficulty has  also dropped, and at the same time, the price has risen greatly. These  two factors have led to a close profitability parity between both  networks as bitcoin mining is currently only 2-6 percent more profitable  to mine than bitcoin cash.  

 The BCH network still only has a few  mining pools that have dedicated hashrate to processing the protocol’s  blocks. The most prominent miners at the moment include Viabtc, Bitclub,  and the ‘unknown mining pool.’ The mystery miner is still crunching  away at a vast majority of blocks found on the network. The BCH chain is  also 1480 blocks behind the BTC chain, and hashrate will have to pick  up immensely to catch up. However, on August 17 the founder of Bitmain  Technologies and the mining pool Antpool, Jihan Wu, said his pool might  join BCH mining if others do so as well.  

 “Antpool will start to provide  bitcoin cash mining option after at least one of Segwit supporter/fan  pools start to mining bitcoin cash,” explains Jihan Wu on Twitter. 

Bitcoin Cash Markets Spike Over 60%

 For the past two days, BCH markets  have been on fire, and the market is up over 60 percent at the time of  writing. Currently, one bitcoin cash is $550, and the market is  commanding a $9B market cap. Further, BCH markets have eclipsed ethereum  trading volumes as the cryptocurrency has been trading $2B in volume  over the past 48 hours. During the late hours of August 17, there was  significant resistance in the $520 price territory, but BCH bulls  surpassed these sell walls the next day. If a bearish trend picks up  order books on Kraken, Bittrex and other BCH exchanges show a solid  floor within the $450-470 range. Additionally, the trading platform  Bittrex has announced it will process funds for customers after only six  BCH confirmations as opposed to its former rule of ten confirmations. 

 BCH supporters are pretty excited  about the digital asset’s market movements and the changes in mining  profitability. Some of these BCH proponents believe a great mining  “flippening” will happen around block 479808. As BCH mining  profitability becomes more appealing to miners the chance of other pools  joining in is a greater possibility, especially if bitcoin cash markets  continue to rise.     

BTC.com Provides a BCH Recovery Tool for a Variety of Wallets 

 In addition to the overall positive  news, a splitting tool that can extract BCH from other wallets has been  launched by BTC.com. “We are happy to announce that as of August 16,  2017, BTC.com offers a secure tool to extract bitcoin cash from other  wallets,” explains the China-based startup.  

 “Recovering bitcoin cash from a  bitcoin wallet in a do-it-yourself manner can be a risky process that  requires serious expertise. That’s why we have developed this designated  recovery tool, to make the process easy and seamless for everyone,”  BTC.com adds. 

Source : news.bitcoin.com