Bitcoin forks RISING?

[Sanugarid]

Coinmetrics, a crypto data provider, reported that bitcoin hash rate decrease by 30% after the halving.

Analysts says that it is due to outdated devices, once miners will update their hardware the hash rate level will get back to its position just like before the halving occurred.

On the other side story, bitcoin's fork hash rates is noticeably increasing like bitcoin cash and bitcoin SV, is this a clear sign of miners jumping to another boat? Are we going to see a new leading coin?

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[Jawhead999]

Your thread is similar like @Little Mouse created before Hashrate is dropping. Better to lock this topic to prevent from spam and start discuss on @Little Mouse thread.

[Sanugarid]

Your thread is similar like @Little Mouse created before Hashrate is dropping. Better to lock this topic to prevent from spam and start discuss on @Little Mouse thread.

Ohh, I've read it but it tackles more about just the hash rate of bitcoin, clearly on my topic I have mentioned the bitcoin's fork which is increasing in terms of hash rate that could pull off a massive pump of bitcoin's fork. I didn't mean to make the same thread ( what you see to it) but I think I just need to change the title of the topic so it would look like an adjacent topic of @Little Mouse. Thanks ! appreciate it man.

[mk4]

Are we going to see a new leading coin?

This is not the first time these shitty forks increased in hashrate and this definitely never concluded with them being the "leading" coin. In the first place, miners mine for profit, and it's safe to assume that some will move to the blockchain that would potentially make them more money. A drop in Bitcoin's hashrate was expected in anyway, due to the recent halving.

[The Cryptovator]

We all know that mining rewards has been divided by 2 after halving. So its possible that miners jump to another coin. But regarding your concern of another leading coin isn't reasonable IMO. Because only miners jumped to another coin, not all bitcoin community.  Bitcoin value depends on the community. Just imagine yourself, if you were a miner what action would done from your ends? Wasn't it expected?

[Sanugarid]

We all know that mining rewards has been divided by 2 after halving. So its possible that miners jump to another coin. But regarding your concern of another leading coin isn't reasonable IMO. Because only miners jumped to another coin, not all bitcoin community.  Bitcoin value depends on the community. Just imagine yourself, if you were a miner what action would done from your ends? Wasn't it expected?

ohh I see, so this is what the halving has brought to miners that is not going to upgrade their hardware in mining. Calling it 'leading' though was my fault, unreasonable at my end, I'm just curious about the increasing hash rate, anyways thank you 

Just imagine yourself, if you were a miner what action would done from your ends? Wasn't it expected?

Miners that does not want to upgrade already knew from the start that the mining will not be the same after the halving, so maybe they are prepared on doing this and reflected on the bitcoin network hash rate drop.

[khaled0111]

This was somehow expected since the block reward dropped by half and the price didn't rise accordingly to cover the losses.
Miners are investors and will always mine the most profitable coin. They will switch back to Bitcoin when its price starts rising and mining those shitty forked coins becomes umprofitable (which will happen sooner or later).
It's a self-regulating ecosystem.

[salamat700]

This was somehow expected since the block reward dropped by half and the price didn't rise accordingly to cover the losses. Miners are investors and will always mine the most profitable coin. They will switch back to Bitcoin when its price starts rising and mining those shitty forked coins becomes unprofitable (which will happen sooner or later).
It's a self-regulating ecosystem.

Yeah, this is quite expected and just running on common sense. The bottom line is that this is Bitcoin mining is an enterprise and miners will always look for ways they can maximize their valuable assets. Soon this seemed imbalance will be gradually corrected. Personally, I am expecting that towards the end of the year, there is a big possibility that Bitcoin will really rise.

[angelvic73]

The hashrate of bitcoin has fallen due to the halving of the coin. These forks just bring a lot of inconvenience

[Cnut237]

Are we going to see a new leading coin?

No. A temporary shift is not much to worry about. As time goes on and bitcoin increases in price, bitcoin mining will become more profitable. For the forks however, they are all pointless coins with zero use-case beyond simple speculation. Fork prices will drop over the longer-term, and bitcoin prices will increase.

[20kevin20]

If you knew with BTC you'd earn $100 a day and with a shitcoin you'd earn $120, you'd move to the shitcoin yourself until you find something even better. Mining for a certain coin doesn't necessarily mean you support it. As long as you have the balance, you can immediately sell and this gives you the opportunity to mine even shitcoins and sell them almost in an instant so that any drop wouldn't affect you.

[Sanugarid]

Are we going to see a new leading coin?

No. A temporary shift is not much to worry about. As time goes on and bitcoin increases in price, bitcoin mining will become more profitable. For the forks however, they are all pointless coins with zero use-case beyond simple speculation. Fork prices will drop over the longer-term, and bitcoin prices will increase.

Yeah after a month I already know the answer to this increased hash rate of these coins. But I have to disagree with bitcoin mining that will be going to "profitable", maybe for some big time miners it will be since small miners will forced to quit mining bitcoin in the future, but trust me it won't be "more" profitable if you'd compute the expenses plus the upgrades on equipment. I believe so, bitcoin forks are heavily manipulated by its devs, no use-case but the speculation of the price is also drove by the bitcoin coz there's a bitcoin word in it.

[coinfinger]

Coinmetrics, a crypto data provider, reported that bitcoin hash rate decrease by 30% after the halving.

Analysts says that it is due to outdated devices, once miners will update their hardware the hash rate level will get back to its position just like before the halving occurred.

On the other side story, bitcoin's fork hash rates is noticeably increasing like bitcoin cash and bitcoin SV, is this a clear sign of miners jumping to another boat? Are we going to see a new leading coin?

Lol, that last sentence/question was funny. There are so many Bitcoin, many of them that you don’t know about because they never made it, they just died off quickly after they came out. There is a thread here in the forum that listed all of them trash coins. And just like someone once said, any other cryptocurrency that has the name ‘Bitcoin’ attached to it and is not the real Bitcoin that we all know is just one of those lousy coins. And yes he/she is right, all these forks are really going no where.

It’s likely you mentioned BSV because you’re seeing it on the sixth position, but these coins are just scam. Better to focus on the original. Honestly the exact thing I am doing with my hard earned money. Better do not get misguided and also do not try to guide this community on something which is so clumsy.

[Debonaire217]

No. A temporary shift is not much to worry about. As time goes on and bitcoin increases in price, bitcoin mining will become more profitable. For the forks however, they are all pointless coins with zero use-case beyond simple speculation. Fork prices will drop over the longer-term, and bitcoin prices will increase.

I think the opposite is what is really happening, bitcoin mining is becoming less and less profitable, unless, people will support miners in selling bitcoin at huge price.

In terms of forks, some are profitable and have value such as bitcoin cash, but other forks seem to be shit coins in the long run. That is because, people doesn't necessarily need to support each and every coin in the market, only those that are valuable, or those with characteristics that could provide better service will remain in the market since it is like "the battle of the fittest" idea that will choose which crypto will be good and profitable in the future.

[20kevin20]

I think the opposite is what is really happening, bitcoin mining is becoming less and less profitable, unless, people will support miners in selling bitcoin at huge price.

This is what I always suspected made Bitcoin rise so much with every halving.

In the end, if you take a step back and look at the entire frame, we can't move on without miners and miners cannot move on without our help with the price growth if the hashrate is on a constant rise. It's a continuous mutual support. On the other hand, there'll always be miners out there doing their job even if price isn't on a continuous growth (see 2015). Not all miners sell their coins instantly.

In terms of forks, some are profitable and have value such as bitcoin cash, but other forks seem to be shit coins in the long run. That is because, people doesn't necessarily need to support each and every coin in the market, only those that are valuable, or those with characteristics that could provide better service will remain in the market since it is like "the battle of the fittest" idea that will choose which crypto will be good and profitable in the future.

Well, most Bitcoin forks are just "unpopular opinions" of Bitcoin. I don't think a battle between these forks and Bitcoin itself will ever be realistic, because in the end the original coin has the features most people want and need.

[pooya87]

Well, most Bitcoin forks are just "unpopular opinions" of Bitcoin.

i wouldn't refer to any of the forks as "unpopular opinions of bitcoin". an unpopular opinion is LTC and ETH both of which are from developers who were trying to add their ideas to bitcoin or test a bitcoin with different parameters but created their own from scratch. anybody who forks bitcoin's blockchain is doing it to make money by abusing bitcoin's name and scamming people like BCH, BTG, BCSHSV,...

[pawanjain]

Coinmetrics, a crypto data provider, reported that bitcoin hash rate decrease by 30% after the halving.

Analysts says that it is due to outdated devices, once miners will update their hardware the hash rate level will get back to its position just like before the halving occurred.

On the other side story, bitcoin's fork hash rates is noticeably increasing like bitcoin cash and bitcoin SV, is this a clear sign of miners jumping to another boat? Are we going to see a new leading coin?

This was obvious that the miners will either stop mining bitcoin or will move to coins which would generate them profit on their existing hardware.
In order to continue mining bitcoins they will either have to upgrade their hardware so that they can generate the profit or find some tweaks so that their expense is reduced in terms of mining bitcoin.
So here the obvious choice for miners would be to move to next best coin to generate profitable mining.

[btc_angela]

But I don't see any dramatic increase in BCH hashrate:

https://bitinfocharts.com/bitcoin%20cash/

Or Bitcoin SV:

https://bitinfocharts.com/bitcoin%20cash%20sv/

So probably those outdated hardware machine are moving to alt coins as it is more profitable instead of trying to mine bitcoin fork coins.