Bitcoin Cash hard fork resulted in mining loss

The BitMEX analysts launched a real time platform to track Bitcoin Cash hard-fork. There are three communities that promote their hard-fork vision. One of them is concerned over Bitcoin ABC being supported by “Bitcoin Jesus” Roger Ver. Another one cares about Bitcoin SV (“Satoshi’s Vision”) developed by self-proclaimed Bitcoin inventor Satoshi Nakamoto, Craig Wright. A third community undertakes efforts to support Bitcoin Unlimited. This last community is being led by programmer Andrew Clifford and may be described as a “compromise solution” between ABC and SV.

Bitcoin-Cash

BitMEX Research Lab states that “we estimate that SV miners are burning US$280,000 per day mining the SV chain. Assumptions: * S9 miners * Able to sell SV coins at the current spot price ($100) * 5 cent per kWh.” The Lab added that “Bitcoin Cash ABC miners are also making considerable daily losses, even larger losses than SV miners, according to our estimates.” The analyst Bob McElrath commenting the BCH hard-fork said that “This BCH hashrate drama is validating the thesis that soft-forks are the only way to go. If you tolerate hard forks, eventually there will be enough disagreements that each fork re-centralizes around just one entity. It’s a sign of maturity and stability to never hard fork.” Matt Odell put this another and bluntly that “Bitcoin Cash is dead, long live Bitcoin.” And Binance CEO Chanpeng Zhao added that “less possibility of confusion with Bitcoin now.”

At last, Mati Greenspan, senior analyst at eToro, summarized that “The entire bitcoin cash project is a prime example of how bitcoin is real money. The network is sustained by using a wide consensus among all the players. Miners vote with their hashpower, wallet providers and exchanges vote with their code, and the market votes with their feet.” At the same time there is no reason to totally discount BCH since its existence enriches crypto community making it more flexible and adaptive to the various issues the modern financial markets face.

2018-11-16T22:14:01+00:00 16 November 2018|Tags: , |0 Comments

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