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Relative hashpower of BTC and BCH in percentage of total

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

#11

Post by sbenitoj »

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's incorrect - in general the miners are opposed to SegWit, but they accepted a compromise of agreeing to SegWit if they could increase the block size to 2 MB (from 1 MB currently). SegWit will be activated within 24 hours, but Bitcoin Core (the main developers of current Bitcoin code) have already said they are not going to support an increase to 2 MB blocks. They also claim they never agreed to it in the first place.

As a result, it's very likely to see another hard fork to 2 MB in November, so there will be 3 chains with a shared transaction history, and most like all will claim to be the real Bitcoin -- personally I don't think debating which one is the "real" one is worthwhile, just use the one you want, but eventually it's likely that one chain will get the majority of hashing power and have a much higher price per token than all the others.

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

#12

Post by sctb »

sbenitoj wrote: post #6

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…

We've updated the headline from “Bitcoin's hashpower dropped 20% as miners migrate to Bitcoin Cash”.

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

#13

Post by tylersmith »

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?

Yep. As it becomes more profitable more people mine, the difficulty goes up, profitability goes down, people stop mining, difficulty goes down, and so on.

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

#14

Post by sbenitoj »

exit wrote: post #7
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…

Instead, the creators of the 2nd layer solutions will collect fees.

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

#15

Post by cesarb »

sbenitoj wrote: post #6

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…

> even if it's currently more profitable to mine Bitcoin Cash than Bitcoin

It seems that is the case if you consider only the block reward, but not if you also consider the transaction fees: http://fork.lol/reward/blocks

The BTC chain has more transactions per block than the BCH chain, and the per-transaction fee is also higher.

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

#16

Post by makomk »

sbenitoj wrote: post #11
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's incorrect - in general the miners are opposed to SegWit, but they accepted a compromise of agreeing to SegWit if they could increase the block size to 2 MB (from 1 MB currently). SegWit will be activated within 24 hours, but Bitcoin Core (the main developers of current Bitcoin code) have already said they are not going to support an increase to 2 MB blocks. They also claim they never agreed to it in the first…

The Bitcoin Core developers were never part of the agreement to hard-fork and increase the block size - they've said it was a terrible idea all along at least on the time scale proposed. I don't think they even knew about it until it was publicly announced. Also, SegWit increases the block size to 2-ishMB by itself (it's complicated, because older nodes need to think blocks are still under 1MB, which is done by stripping out parts of SegWit transactions when sending to them). This means that in practice the hard fork gives a block size of 4-8MB.

The "compromise" framing of "we gave you SegWit, now you have to give us a hard fork" is pretty terrible too, because the two aren't symmetrical - SegWit makes hard forking less urgent, but hard forking to increase the block size makes the SegWit improvements more important because they're designed to make larger blocks work better. Even Bitcoin Cash copied one of the key SegWit improvements, the transaction hashing change, in very slightly modified form for this reason.

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

#17

Post by Snackchez »

sbenitoj wrote: post #14
exit wrote: post #7

Earlier quoted context omitted.

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…

Instead, the creators of the 2nd layer solutions will collect fees.

Is that the case? Is this what's happening with Litecoin?

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

#18

Post by tylersmith »

sbenitoj wrote: post #14
exit wrote: post #7

Earlier quoted context omitted.

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…

Instead, the creators of the 2nd layer solutions will collect fees.

Not strictly the creators, but the operators. Miners could operate Lightning Network nodes for example.

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

#19

Post by edzorg »

sbenitoj wrote: post #11
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's incorrect - in general the miners are opposed to SegWit, but they accepted a compromise of agreeing to SegWit if they could increase the block size to 2 MB (from 1 MB currently). SegWit will be activated within 24 hours, but Bitcoin Core (the main developers of current Bitcoin code) have already said they are not going to support an increase to 2 MB blocks. They also claim they never agreed to it in the first…

Could you elaborate on this November fork? I've asked for input here - https://www.reddit.com/r/CryptoCurrencies/comments/6uyz9k/wi...

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

#20

Post by TD-Linux »

cesarb wrote: post #15
sbenitoj wrote: post #6

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…

> even if it's currently more profitable to mine Bitcoin Cash than Bitcoin It seems that is the case if you consider only the block reward, but not if you also consider the transaction fees: http://fork.lol/reward/blocks The BTC chain has more transactions per block than the BCH chain, and the per-transaction fee is also higher.

No, it's still more profitable to mine BCH even considering the transaction fees, see the home page of fork.lol: http://fork.lol/

The graph you linked is not considering block difficulty.

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