Bitcoin Cash 48 Hour Recap: 9% of Bitcoin’s Hashpower
The first two days of Bitcoin Cash have been eventful ones. With so much happening it’s difficult to keep track. Here’s the highlights.
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Bitcoin Cash Is Hashing at 9% the Rate of Bitcoin
It’s been two days since the first block forked away from mainline Bitcoin. Since then, its network hashrate has blown past the oft-cited 0.26 percent launch estimate — due mainly in part to anonymous miners outside of ViaBTC’s pool, and a strange marketing stunt pulled by Wincent Hung, Hong Kong bitcoin and hospitality entrepreneur.
Hung’s ASICs accounted for approximately 75 percent of the blocks mined in the first day of Bitcoin Cash mining with his 300 petahash per second (PH/s) operation, completely eclipsing ViaBTC’s efforts. The vacuum left by his switch back to the main chain was quickly filled, however, by other miners, bringing the total Bitcoin Cash hashpower to approximately 580 PH/s by recent estimates.
That puts the new coin at 9 percent of the hashing power on the main chain. ViaBTC remains a minority with around 18 percent of that total.
Also of note, Bitcoin.com’s Bitcoin Cash pool mined its first block today.
ViaBTC Shores up, Holds Early Withdrawals and Trades
Immediately after Bitcoin Cash blocks began appearing, people flocked to exchanges and OTC to trade the fledgling altcoin. Many were disappointed, however, as BCC/BCH supportive exchanges like ViaBTC continued to delay withdrawals related to sales of the coin. Disgruntled users took to Twitter in outrage at the lack of advertised trading support. Bitcoin personality Tone Vays tweeted out about this development yesterday:
— Tone Vays [@Bitcoin] (@ToneVays) August 2, 2017
Others have pointed to the intermittency of Bitcoin Cash mining (time between blocks has been as large as 8 hours) as a way to manipulate the BCC/BCH market:
No blocks for 7 hours, price stable since then. Starting to notice a pattern… pic.twitter.com/m7nzBIEVwf
— Gregory "man of taste" Sanders (@theinstagibbs) August 3, 2017
Mining has been somewhat more steady since last night, however, as has the Bitcoin Cash price. These first two days have shown strong initial miner support, but a rocky start for exchanges and traders. Bitsonline will have more to come as the new coin matures.
What’s your opinion on the future of Bitcoin Cash (or Bcash)? Let us know.
Chart courtesy coin.dance