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Author Topic: why do you people say miners have switched to bitcoin cash?  (Read 259 times)
Red-Apple
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November 11, 2017, 02:17:55 PM
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specially since the number of unconfirmed transactions has grown a lot, i keep reading different people say bitcoin miners have switched over to bitcoin cash.

although that seems like something they may do because of the lower difficulty and the current ongoing pump, but i can not see any change in the way bitcoin blocks are mined! there is still the same time between the blocks as before with same ups and downs. the hashrate also looks the same!

so what is it  that i am missing here? how do you say they are switching?

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November 11, 2017, 02:27:09 PM
 #2

specially since the number of unconfirmed transactions has grown a lot, i keep reading different people say bitcoin miners have switched over to bitcoin cash.

although that seems like something they may do because of the lower difficulty and the current ongoing pump, but i can not see any change in the way bitcoin blocks are mined! there is still the same time between the blocks as before with same ups and downs. the hashrate also looks the same!

so what is it  that i am missing here? how do you say they are switching?

There are no switching costs. So the decision to switch is purely driven by which is more profitable (price/current hashing power). So even if some miners haven't switched to Bitcoin Cash, they should...

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November 11, 2017, 02:39:14 PM
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BCH is more profitable to mine than bitcoin in the moment by 10%, and as a miner who thinks about profit, this is an opportunity that shouldn't pass easily. The building FOMO on BCH's market would soon collapse, and after that bitcoin would jump ump in price and have its miners back hashing the same coins again.

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November 11, 2017, 02:42:49 PM
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BCH is more profitable to mine than bitcoin in the moment by 10%, and as a miner who thinks about profit, this is an opportunity that shouldn't pass easily. The building FOMO on BCH's market would soon collapse, and after that bitcoin would jump ump in price and have its miners back hashing the same coins again.
I also think same, We have seen this type of temporary switch between bitcoin cash and bitcoin before. When mining difficulty will be adjusted in bitcoin and bitcoin cash, difficulty for bitcoin cash will rise like hell because lots of miners are mining bitcoin cash right now but difficulty for bitcoin will lower down which make mining bitcoin more profitable than bitcoin cash again.

Its just a temporary shift.
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November 11, 2017, 02:44:03 PM
 #5

specially since the number of unconfirmed transactions has grown a lot, i keep reading different people say bitcoin miners have switched over to bitcoin cash.

although that seems like something they may do because of the lower difficulty and the current ongoing pump, but i can not see any change in the way bitcoin blocks are mined! there is still the same time between the blocks as before with same ups and downs. the hashrate also looks the same!

so what is it  that i am missing here? how do you say they are switching?

There are no switching costs. So the decision to switch is purely driven by which is more profitable (price/current hashing power). So even if some miners haven't switched to Bitcoin Cash, they should...

there is actually a huge cost.
when you mine bitcoin and its derivatives you will have to wait for 100 blocks before you are able to spend the block reward. and that means waiting for a highly volatile price before being able to get the fiat value of what you mined and it becomes even riskier when we are talking about bitcoin cash.

and last time they switched and mined 1000 blocks per day, the price of BCH crashed right after they got their rewards and dumped it.

right now they have mined 38 blocks in past hour instead of normal 4

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November 11, 2017, 02:46:19 PM
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I believe this is just a temporary shift as it seems BCH mining is more profitable than BTC mining for the time being.
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November 11, 2017, 03:04:57 PM
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Bitcoin price has surged almost 40% than its price in august and now its price is $1,263.Bitcoin cash mining seems to be 13.6% more profitable than bitcoin mining.We have already witnessed such switching of miners from BTC to BCH and once again to BTC.But most of the traders seem to have switched from BTC TO BCH now since its price is being pumped high.
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November 11, 2017, 03:09:30 PM
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specially since the number of unconfirmed transactions has grown a lot, i keep reading different people say bitcoin miners have switched over to bitcoin cash.

although that seems like something they may do because of the lower difficulty and the current ongoing pump, but i can not see any change in the way bitcoin blocks are mined! there is still the same time between the blocks as before with same ups and downs. the hashrate also looks the same!

so what is it  that i am missing here? how do you say they are switching?

Uncofirmed transactions have nothing to do with mining power.
This is not like digging for coal where more miners means more tonnes of coal.
The size of the blocks and the maximum tx/sec is the second with 1 peta or 1 kb of hashing power.

The rumors are based on this:



BCH is more profitable to mine than bitcoin in the moment by 10%, and as a miner who thinks about profit, this is an opportunity that shouldn't pass easily. The building FOMO on BCH's market would soon collapse, and after that bitcoin would jump ump in price and have its miners back hashing the same coins again.


BCH is more profitable because of their f up algorithm that mines blocks way to fast.
They are already almost 10k blocks ahead of the original chain.

right now they have mined 38 blocks in past hour instead of normal 4

THIS!
At the current rate they might reach the reward halving by Christmas.
And that should be really funny. With no tx fee (as they claim) let's see who will still mine.

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November 11, 2017, 03:53:03 PM
 #9

The miners follow profitability. They will switch back and forth between the most profitable chain or fork as the situation

change. At the current moment the difficulty is lower at Bitcoin Cash, so a lot of miners are moving there. There are also a

lot more activity there ..than usual, so they want a piece of the miner fees that are being generated there. There are also

some big mining farms who follow the guidance of the "inner circle of friends" ....Roger Ver and his minions.  Wink

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