Relative hashpower of BTC and BCH in percentage of total

#1

Post by ojr » Sun, Aug 20, 2017, 9:00 PM UTC

Relative hashpower of BTC and BCH in percentage of total
fork.lol

Re: Relative hashpower of BTC and BCH in percentage of total

#2

Post by grabcocque » Sun, Aug 20, 2017, 9:59 PM UTC

I was under the impression, it was miners that by and large were in favour if segwit and everything that goes along with it. Part of point of Cash was to try to reduce the influence of miners on the currency. So my guess is it's just bet-hedging for now.

Re: Relative hashpower of BTC and BCH in percentage of total

#3

Post by alextheparrot » Sun, Aug 20, 2017, 10:05 PM UTC

Can anyone comment on what is driving this? I read an article about it being more profitable to mine Bitcoin Cash a few days ago, but as with most of these cryptocurrency releases I find it tough to separate the marketing from the truth.

Re: Relative hashpower of BTC and BCH in percentage of total

#4

Post by DennisP » Sun, Aug 20, 2017, 10:05 PM UTC

grabcocque wrote: post #2

I was under the impression, it was miners that by and large were in favour if segwit and everything that goes along with it. Part of point of Cash was to try to reduce the influence of miners on the currency. So my guess is it's just bet-hedging for now.

Miners are in favor of profit; the price of Cash went up 2.5X over the past three days, so until the mining effort does the same, mining Cash is especially lucrative.

Re: Relative hashpower of BTC and BCH in percentage of total

#5

Post by tylersmith » Sun, Aug 20, 2017, 10:09 PM UTC

alextheparrot wrote: post #3

Can anyone comment on what is driving this? I read an article about it being more profitable to mine Bitcoin Cash a few days ago, but as with most of these cryptocurrency releases I find it tough to separate the marketing from the truth.

In this case it is the truth. The price of Bitcoin Cash is going up and the difficulty to mine had been going down. So for now, it is more profitable. It will likely go back in forth for a while before there's a dominate winner.

Re: Relative hashpower of BTC and BCH in percentage of total

#6

Post by sbenitoj » Sun, Aug 20, 2017, 10:11 PM UTC

The headline is incorrect, the graph shows the RELATIVE hashrate of Bitcoin and Bitcoin Cash.

The absolute hashrate of the Bitcoin network is still increasing [0].

All this chart demonstrates is that the hashrate of Bitcoin Cash is increasing faster than the hashrate of Bitcoin.

This also means that NEW hashing power is coming online, not that hashing power is necessarily switching from Bitcoin to Bitcoin Cash (even if it's currently more profitable to mine Bitcoin Cash than Bitcoin [1]).

[0] https://bitcoinwisdom.com/bitcoin/difficulty

[1] https://cash.coin.dance/blocks

Re: Relative hashpower of BTC and BCH in percentage of total

#7

Post by exit » Sun, Aug 20, 2017, 10:12 PM UTC

grabcocque wrote: post #2

I was under the impression, it was miners that by and large were in favour if segwit and everything that goes along with it. Part of point of Cash was to try to reduce the influence of miners on the currency. So my guess is it's just bet-hedging for now.

that doesn't agree at all with what i've seen of this situation unfolding.

i think:

bch was created by people who want to use adjustable block size caps to scale transaction volume, and this favours established miners and consolidates their influence.

segwit was created by people who want to try a second layer for transactions (specifically the lightning network), and some miners are opposed to this direction because they would not collect fees on layer-2 transactions.

Re: Relative hashpower of BTC and BCH in percentage of total

#8

Post by sbenitoj » Sun, Aug 20, 2017, 10:15 PM UTC

alextheparrot wrote: post #3

Can anyone comment on what is driving this? I read an article about it being more profitable to mine Bitcoin Cash a few days ago, but as with most of these cryptocurrency releases I find it tough to separate the marketing from the truth.

It is currently 116% more profitable to mine Bitcoin Cash than Bitcoin [0] -- this figure will fluctuate as the price of Bitcoin and Bitcoin Cash fluctuate, and the difficulty to mine each cryptocurrency adjusts every 2016 blocks.

[0] https://cash.coin.dance/blocks

Re: Relative hashpower of BTC and BCH in percentage of total

#9

Post by exit » Sun, Aug 20, 2017, 10:15 PM UTC

tylersmith wrote: post #5

alextheparrot wrote: post #3

Can anyone comment on what is driving this? I read an article about it being more profitable to mine Bitcoin Cash a few days ago, but as with most of these cryptocurrency releases I find it tough to separate the marketing from the truth.

In this case it is the truth. The price of Bitcoin Cash is going up and the difficulty to mine had been going down. So for now, it is more profitable. It will likely go back in forth for a while before there's a dominate winner.

this view suggests the difficulty of bch will increase by ~220% in ~3 days: http://fork.lol/pow/retarget

which i think will inversely affect profitability?

Re: Relative hashpower of BTC and BCH in percentage of total

#10

Post by sbenitoj » Sun, Aug 20, 2017, 10:16 PM UTC

exit wrote: post #9

tylersmith wrote: post #5

Earlier quoted context omitted.

In this case it is the truth. The price of Bitcoin Cash is going up and the difficulty to mine had been going down. So for now, it is more profitable. It will likely go back in forth for a while before there's a dominate winner.

this view suggests the difficulty of bch will increase by ~220% in ~3 days: http://fork.lol/pow/retarget which i think will inversely affect profitability?

That's correct -- the difficulty to mine BCH will reset at block 479,808 (the last adjustment) + 2016 blocks (the number of blocks in between each difficulty adjustment).

The difficulty of mining BCH is currently expected to increase at the next difficulty adjustment, and thus profitability will go down.