Bitcoin Cash Spikes to $586 - Now Equally Profitable To Mine Bitcoin Or Bitcoin Cash - The "Mining Flippening"
Bitcoin Core's transaction backlog is building up again, which means fees are on the rise. Now, Bitcoin Cash is equally profitable to mine. Bitcoin Cash is suddenly a real contender.
If Segwit2x does not go off without a hitch, as I have speculated, it's possible Bitcoin Cash may be the emergency exit for the froth in the Bitcoin market, which could come down very hard if the 2MB hard fork either goes wrong or fails to happen.
With an impressive day like this adding momentum to the charts, we may not see Bitcoin Cash at $200 again until the next set of coins are granted and hit the exchanges.
If ever.
Sources: Reddit, Coindance, Bittrex, ibtimes.co.uk
Block times for BTC have been at 11 minutes and the backlog of transactions is slowly increasing. If we start to see miners migrating to BCH in large numbers due to profitability, there's a real possibility that those number will increase exponentially while the price falls out from under BTC.
Keep a close eye on these charts as well as the profitability:
https://bitcoinwisdom.com/bitcoin/difficulty
Something not many people think about is the fact that there's no safety valve on BTC difficulty adjustments. It's hard set at 2016 blocks which is about 13 days. If block time increases significantly due to hash rate leaving the network, the whole network slow grinds to a halt waiting on a difficulty adjustment that never happens because finding the next block takes longer and longer.
It's called a Chain Death Spiral
This is phenomenal information for anyone who is not aware.
Bitcoin Cash has a form of emergency difficulty adjustment, which is how it managed to continue being mined the last couple of weeks. Bitcoin (Core) does not, which means losing miner support is catastrophic.
Given the most recent mining profitability shows Bitcoin Cash at 140%, this could be dangerously close to happening. That 140% may not include fees and could be overestimated by as much as 25%, plus there are switching costs when changing your mining, but still...the arbitrage is already tempting.
Awesome. I was looking at the page with the profitability with interest but I hadn't looked at it in 2 days and I didn't expected it to reach profitability parity today even with the price rise so I hadn't thought about looking at it.
I think BCH's price could still go up substantially in the coming days. We'll see. I'm intrigued.
Would you believe it's up at 140% now?
Honestly, it seem I was wrong about Bitcoin Cash. Thought it is going to be a trash.
Nobody could really blame you for that. It took me a lot of research to understand why it was much better, technically. However, that's not always enough, the better technical option can often still fail. I didn't think Bitcoin Cash would overcome the initial negative propaganda and I expected it to get dumped down to $100.
I think the delay in Coinbase and other exchanges actually crediting people their Bitcoin Cash is actually going to reduce how many sell it. Might have worked out well for BCC!
Bitcoin cash needs to not be successful. Bitcoin is the coin that is accepted everywhere not bitcoin cash. It honestly is just another alt coin when you look at it there is no reason it should be doing so well otherwise then people pumping and dumping it for the name and some profits is all that is happening.
I have to say, I disagree with everything you said here.
Bitcoin Cash is real bitcoin. Digital gold.
Segwit Coin is digital fiat, off chain transactions. Does not conform to whitepaper.
The price action today with Bitcoin Cash touching $800 could be very bad for BTC if miners start to abandon.
wow
Wow !!! Just like your information. Check this pic out.
BTW, upvoting and following you :)
Impressive, it really shot up the market cap list. It's bouncing around 10% an hour still, who knows what we'll see tomorrow.
I think Bitcoin will cross 100 billion over a year ! Not sure about Bitcoin Cash(BCH).
Bitcoin Cash is trying to prove something to you today.
I wonder what is that !
I'm scared! Now there's no incentive to mine regular bitcoin anymore! DO YOU KNOW WHAT THAT MEANS?! No more 500k bitcoin in year 2020! :(
There's still time to buy Bitcoin Cash before it gets there, though!
It pulled back a little bit but is close to profit parity again. Here's an awesome chart to keep an eye on that line:
https://cash.coin.dance/blocks/profitability
Wild stuff!
Thanks for the chart. I've been watching it, and at time of this comment, we are at 140%!
163%!!
This deserves some attention. Upvoted and resteemed :]
Thank you!
PS - If we take half your rep, rounded up, it's 22.
Bitcoin Cash will never be as successful as Bitcoin because Bitcoin is relatively widely adopted. Bitcoin Cash might me marginally better but so are many Altcoins. The current price is due to traders pumping and dumping to get some profit off the hype.
Pump and Dump is usually to get into Headlines.
So unsure of this PUMP
It's still early enough that we'll let you take a mulligan on this one, if you like. ;)
It's good to see Bitcoin Cash rising in price,thanks for sharing.