BTC at $6710

While Bitcoin Cash, BCH, keeps dropping.

What next?

Somewhere in the discussion about what should be done if Bitcoin Cash does split up in november 2018, it was suggested that the split with the most mining power would be considered the winner. Then the rest, on one or more different splits, of the other miners should move over to the winning split. It is a strange idea, to state the least. And I do find it quite ironic, moving all hashing power to the winner of the blockchain split...!?

Bitcoin Cash hardforked and split off from the original Bitcoin blockchain in 2017. And ever since then there have been hardforks and splits in the Bitcoin Cash realm. One of those splits, called Bitcoin Core, BTCC, is even doing quite well on its own. Proving that splitting off from Bitcoin Cash, BCH, with a hardfork, can be done safely. And I think that it will happen in november 2018 again. Creating at least one or even two extra Bitcoin Cash clones.

Back to the mining power shift suggestion. If this were to be like a kind of unwritten rule, then whatever blockchain split gets the most mining power behind it, will get all. Or to put it in other words: winner takes all. Hm, okay, now let me put this in a greater perspective. Did Bitcoin Cash not split off from the original Bitcoin in 2017?

And the winner is...?

Now back to the suggestion of all miners moving to the winner... What time-span would you suggest BCH miners would need to accept defeat? About a year should do, I think. So, let me have a look at the numbers. And then I see how Bitcoin, BTC, currently is being mined at 56 Exa hashes per second. And it has been at 58E already today. Next up Bitcoin Cash, BCH. That on is doing 3.7E. That is about 6.61% of mining power, relative to the original Bitcoin, BTC.

Okay, so, in conclussion Bitcoin, BTC, has 93.39% support from the miners. And as this seems to be connected to the price of BCH and BTC, it looks like we do have a clear winner. Maybe that is what is happening right now, miners moving away from Bitcoin Cash, BCH, joining ranks with Bitcoin, BTC, miners. As also more join in mining the original Bitcoin, BTC.

More will come?

One part of the ever growing mining power of Bitcoin, BTC, that surprises me, is the price that seems to stay behind. Although I think Bitcoin and the rest of the Cryptos have been pumped beyond reason, the current market capacity seems to be too low, right now. It is part of the cleansing, the Cryptos purgening, I guess, but by the last quarter of 2018 it should show some significant green candles again.

Apparantly though miners still get enough profit, break even or take a slight loss, mining Bitcoin, BTC. Maybe they know something is going to happen in the last quarter of this year. The mining power build up must be some sort of a sign for things expected to come. And as far as Bitcoin hardforking blockchain splits go it seems that there is only one BTC and all the rest is merely playfullness in the margin.

May the Cryptos be with us!

What is going on here?

Screenshot taken at: https://pool.viabtc.com