The network hashrate of Bitcoin and Bitcoin Cash has become an intriguing metric. Ever since the tables turned in favor of BCH, people have paid close attention to these numbers. So far, it seems the Bitcoin chain has nearly seven times the hashpower of BCH. That is quite a large gap, considering the profitability difference is minimal. It will be interesting to see how this all plays out in the next few days. The Bitcoin mining difficulty algorithm will get another adjustment very soon.
For cryptocurrency miners, choosing between BTC and BCH is not all that easy. Both coins are pretty profitable to mine, although the momentum shifts quite regularly. There is no wrong option to pick from in this regard, that much is evident. For now, the majority of hashpower has moved back to Bitcoin, a trend that has been apparent for over a full week now. Bitcoin Cash, on the other hand, continues to see a decline in hashpower, which is only to be expected.
Another Hashpower Shift Looms Overhead
With the Bitcoin hashpower rising steadily, things look pretty good. A lot of mining pools will switch between BTC and BCH based on profitability. With these fluctuations, temporary changes in momentum are not uncommon. However, the overall trend is pro-BTC and less pro-BCH, for the time being. The big question is whether or not this situation will remain the same. More specifically, the Bitcoin network will get a mining difficulty adjustment soon. Depending on this change, people may move hashpower back to BCH.
Or that is what a lot of Bitcoin Cash supporters are hoping for, at least. If the hashpower moves away from BTC, the network may struggle for some time to come. With the BCH price getting pumped again, the community is enticing Bitcoin miners to make the switch as soon as the difficulty adjustment happens. It is a bit of an annoying tactic, but there is nothing illegal about it whatsoever. Moreover, it remains to be seen how this will all pan out in the coming days.
For now, nothing has been set in stone just yet. The mining situation in cryptocurrency is always subject to change. It would take a major switch from BTC to BCH to make a noticeable difference. There is a precedent, though, as such a switch happened 12 days ago. History doesn’t repeat itself often in cryptocurrency, but this weekend may prove to be an exception. Only time will tell what we can expect in the coming days.