13.11.2017 How Bitcoin Cash attacked its ancestor

How Bitcoin Cash attacked its ancestor

In November 12th, we could see an interesting precedent: cryptocurrency miners started switching their attention from Bitcoin to Bitcoin Cash. What is the reason for this?

After the cancellation of the Segwit2x’s hardfork, chaos had started at the currency market, which led to a rush drop in bitcoin price below $ 6,000, despite the fact that it was recently close to $ 8,000. The situation with Bitcoin Cash is reverse – the price per unit has reached 2800 dollars.

The totality of these circumstances led to the fact that Bitcoin Cash mining was three times more profitable than bitcoin, and miners switched to blockchain of the first one. For a short time, Bitcoin Cash hashrate for the first time since its appearance exceeded the hashrate of bitcoin.

After a short time, the situation returned to the usual course, when, after recalculating the complexity, it became again more profitable to mine bitcoin, what miners reacted to and returned the power back to its original position.

Nevertheless, the first bell has rung. Despite the fact that bitcoin won this time, we can see that the network of the most popular cryptocurrency is not the most reliable, and that miners are ready to change to a blockchain that is more profitable. The appearance of 100,000 transactions in the bitcoin network at the time of the fall of the hashrate, which created a traffic jam in the network, gave an extra reason to Bitcoin Cash supporters to talk about its recognition as true.