Bitcoin Forum

The number of unconfirmed transactions on the BTC network is increasing rapidly. It is now 115,000 and rising - I have never seen it that high. Are miners switching to BCC/H due to the huge price increase of the last 48hrs and the cancellation of Segwit2X ?

BCC price is just one out of all reasons, the main reason for this case is the mining difficulty of Bitcoin.

https://www.coinwarz.com/difficulty-charts/bitcoin-difficulty-chart

Just take a look at Bitcoin difficulty it's terrible. In just a day from 26 - 27 October it increased from 1200G to 1400G. It made miner have to spend longer time to get a new block with the same hashrate so I think it's the main reason for this problem. But for now it's decreasing but not too much. Maybe it can help to solve all this stucking transactions.

There is a problem with transactions confirmations and this could be even looked as a kind of miners protest, at least part of them. Cancellation of fork also plays a role but still I don't think miners will abandon Bitcoin or that Bitcoin cash or Bitcoin gold will take the place of Bitcoin. It just takes time for all this mess to settle down and that everything goes back to track.

I guess the market will decide which bitcoin ends up being the "real" bitcoin.
Or maybe all of them will die and a new better crypto will take their place. either way I think this is positive.

They could all switch to other little Altcoin as they want. That will even help fix the Bitcoin Mining difficulty problem. The unnecessary hyping of an insignificant Altcoin is very annoying. Bitcointalk needs to include the ability to hide keywords.

Yes, miners are abandoning bitcoin because everyday it is harder to mine bitcoin. Now you can mine only with sophisticated and expensive hardware and even with this kind of equipments the time required to mine increases everytime a new bitcoin is mined.

Bitcoin mining is profitable only if you can invest huge amounts of money in buying the latest technology and you have to take in consideration the time that you spend until you get back your money and you earn profit.

Also new coins like BCH or BitcoinGold attract miners because they can use new technology to mine those coins and the price is rapidly increasing.

There has been like a billion USD traded on bitfinex in the last 24 hours. Mostly the BTC-BCH pair. Those maybe the reason behind the backlog of unconfirmed transactions.
The miners must be holding a lot of BTC. I don't think they'll let their hard-earned investment go to waste just because BCH is rising. There's space for them both.

It's just Bitmain distorting facts. Most of the miners in the Bitcoin Cash network belong to them. They are everything that Bitcoin stands against, they are lobbying to manipulate public opinion, distort markets and lie. Just check who is the biggest supporter of Bitcoin Cash and who cancelled the SegWit2x fork. It's all planned. Stay out of Bitcoin Cash if you don't want to support evil people.

What is the answer?  Will Bitcoin recover from this?  Many are saying that BCH is the "real bitcoin", which I know is false.  But I don't want to ride the Bitcoin train to $1K and watch BCH run to $10K.  What is the answer?  Just hold both?  I don't know what I'm supposed to do with my Bitcoin other than HODL

You must be new. I've only been around little over a year and I've seen this level many times. If I recall correctly, the highest I've ever seen was well over 220,000 and was pretty sure it climbed higher.

Miners are switching, yes, but only because of the price. They've been switching back and forth (yes! Even BCC/H miners who supposedly want nothing to do with Bitcoin) ever since they forked away in August. Just check the hashpower charts and you'll notice the swings around the time of each difficulty adjustment. It's a pretty simple tactic. Switch away for a pricier coin, and return when the difficulty is lower, easier to find blocks.

Totally false.
BCH is also sha256 so you can mine it with the same equipment.
Do a research and tell me how much you will earn mining BCH with a gpu, two or three cents per month?


And if they do? The next difficulty adjustment will kick in and the slight delay in blocks caused by less miners than the last difficulty will be gone.
Also most of the tx in the mempool are spam as always generated by the bch team.
Let them burn money.

We've seen this before, miners are mining whatever is the most profitable at the moment, so because of BCH's pump they have switched to it, but after all the difficulty adjustments and price changes they will switch back to Bitcoin when it will return to being more profitable. All this situations with forks and spam attacks needs to be sustained with money - some people think that if they will disrupt Bitcoin, users will switch to their altcoin, but sooner or later it will become too expensive for them and their attacks will stop. And I think it's a good test for Bitcoin that can demonstrate to everyone how strong and resilient Bitcoin is.

There has been a substantial jump in bitcoin cash prices and a decrease in bitcoin prices. All altcoins are tied with the bitcoin price, so there is also a decrease in altcoin price. It is perhaps a miners revolt and they are switching over to mine by, sense the increase in by price.

Today I sold all stocks of BCH. I think that soon they will collapse in price. I believe in bitcoin and I will keep my coins till the end. It seems to me that kernel developers need to take care to get rid of the dominance of large pools of miners. The present situation only underlines the need for modernization of bitcoin and its adaptation to current realities.

Yes my two transactions containing fees of more than 150 sats/byte took 2 long days to process. Seems like miners are surely protesting against. But weren't miners against the segwit fork? If it has been cancelled isnt it a sort of good news for them?

The answer is, don't invest more than you can afford to lose and don't support things you do not believe in just to make money.

There are a lot of ways to make money by supporting good causes, like Bitcoin, while avoiding bad ones like Bitcoin Cash.

If you are worried just diversify into altcoins that you sincerely believe in or even stocks.

You and other has mentioned about the level of difficulty will go down once the fast and powerful mining machines are switched off.  The genious of Satoshi is at work again...assuming that all the greedy powerful mining conglomerates leave BTC, then the levels of hashing difficulty will come way down - hence people with a decent home computers may have a shot at mining again.  Wouldn't that ease off the bitcoin traffic jammed and release the demand for bigger side blockchain ? do I miss something here ?

Yes you're missing a lot. For mining to be possible with ordinary computers again, the difficulty needs to drop a trillion fold. Mining difficulty rises fast but drops very very slowly. If ASIC miners all jumped ship now and only PCs were left mining, it would take over a hundred years for it to correct back to PC levels.

I sold all of my BCH too when it got above 0.22. I was going to hold longer but I am not confident in how long this high price level will last. Even if the price continues to go higher I feel sooner or later it will crash back down under my sell price where I can buy back in if I want. But for now I feel better being in BTC.

I think that this is simply a strategy made by the devs, to encourge poeple to mine btc cash and btc gold to secure its networks, as we all know btc cash and btc gold  had a teribble start, and they didn't want to accept the faileur so they made mining them eaiser and increasing the difficulty on mining btc so miners would switch to mining the other tow, i don't think that this will last too long, i am sure by next week things will go back to the way it was and bitcoin will start climbing back again.

When you say "miners" you need to consider that Bitmain probably has half or more of the global hash rate. BCH is their baby, and they are spamming the BTC network to magnify the effect of the "flippening" to BCH. You also have to consider that BCH has very low difficulty compared to BTC. So with this pump in price, it is extremely profitable to mine.

We can expect that rational miners will, to an extent, mine a more profitable chain. This won't last forever. The difficulty will adjust upwards and after the upcoming hard fork in a couple days, there won't be any emergency algorithm to drop it back down so quickly.

They are moving towards where the money is going into right now.
And that is into bitcoin cash.
Look at the tweets tat Gavin Andresen just put out today cause he helped satoshi nakomoto create bitcoin and now is saying bitcoin cash will replace it.
So all the miners are following on his every word regarding this announcement by him.

Deny it or not that is what the man who helped developed bitcoin just said.

A small correction for bitcoin does mean that the miners are abandoning bitcoin and switching to other currencies especially bitcoin cash,we had a good rally for months and it is time for a good correction as the price climbed too fast than generally expected,i am not aware of what is really happening in the back ground with the miners who supported the 2x fork ,i am sure they are not that stupid to completely avoid bitcoin.

I think the miners would support BTC because its mining will still be profitable mining BCH. Just now BCH is inflated and the market is in chaos. You just need to wait a bit and everything will fall into place.

How so? Will the miners leave Bitcoin for a new adventure and switch to some coin that is imitation of Bitcoin? I do not think so. Because of the excessively rising Bitcoin price, investors will takes their earnings and will come back after the correction in Bitcoin has taken place. Bitcoin is still King.

Ok thank you -but  let me try to rephrase my question once again.  If the large conglomerates mining groups are abanding bitcoin blockchain , and the level of difficulty would come down (may takes sometime but eventually it will).  Then wouldn't that make it easier for the private people to at least get a shot at using some decent machines (forget about personal PCs) - we're talking about less expensive mining machines to mine again ?  And Wouldn't that reduce the pressure to increasing the blockchain size ??  This is a philosophical question that need to be answered with the technical reality of the Bitcoin Blockchain technology...

I'm asking that in the long run, perhaps it's a good thing for the large conglomerates miners to abandon bitcoin ?...you know "decentralize"...

Big corporations and the government are running the healthcare system and the education system in the US and look at the mess we are in...I for once attracted to the blockchain technology because of the nature of the decentralization idea.  Otherwise, we are all heading back to the business as usual...

I am sure that they are abandoning it and am not saying this to create fear and panic among the people here. If you look at the current amount that they are charging for each transaction you will see that they are all heading towards bitcoin cash.

All of the bitcointalk community and users should read this guy! One couldn't have said better than you, dude.

We all know that they spam the network with trashy transactions just to make it busy. This is very well known game. They did it before too. They will never be successful.

I agree !! Although I'm a late comer and still trying to learn blockchain, but i understand enough that I do not believe in a second that blockchain need to be larger.  That more powerful mining matchines are the only direction to move forward.  Greedy and power hungry ass...es are trying to take over bitcoin...- guess who has the power to control and influence the bitcoin blockchain traffic now ?! Yep, You guessed it !!

I am sure eventually they will make updates that will improve everything for bitcoin.  It will take some time to get to a point where everything is good . The only problem is even when you are good   you have to keep updating. Look at the USA  it is always updating dollar bills to stay ahead.