Who Has Mined The Most Bitcoin Cash BCH

Dec 26, 2017 - This means that many more users and transactions are using the cryptocurrency, which is weighing down the network. The limited Bitcoin block size of 1 MB means that blocks are filling up more quickly than they can be mined. Transactions have, at times, become slow and expensive. Bitcoin Cash makes. / Bitcoin News / World’s Largest Bitcoin Mining Operator Antpool is MIning Bitcoin Cash. Is jumping on the BCH chain. The company has mined a few blocks so far.

How does a death spiral work? The bitcoin network currently adds a new bundle of transactions, known as a “block,” roughly every 10 minutes.

The exact time is determined by how long it takes for a bitcoin miner to process a block of transactions. This, in turn, is set by something called the “difficulty” on the bitcoin network. Difficulty automatically adjusts itself to match the hash rate so that transactions won’t take too long. But bitcoin’s difficulty only adjusts every 2,016 blocks, or roughly every two weeks. So if the hash rate suddenly plummets, the difficulty could be rendered too high for the amount of processing power on the network. This in turn could mean severe delays in completing bitcoin transactions. As transactions start getting delayed, the network’s utility is reduced and investors could start dumping bitcoins, causing the price to drop.

Miners, in turn, could start mining other coins because a lower bitcoin price means mining is less profitable. And so the cycle would continue, with investors and miners abandoning bitcoin, causing greater delays in transaction times, and preventing a difficulty adjustment from happening quickly enough to break the cycle. “Transactions get backlogged to a point where the coin becomes basically useless,” says Peter Kim, who co-founded a developer tool called Nitrous and is now working on an app for the cryptocurrency markets.

Think the death-spiral scenario sounds far-fetched? It came close to happening over the weekend. Bitcoin’s hash rate fell by 50% over two days as miners switched their machines from bitcoin to bitcoin cash, because it was more profitable to do so. The drop in the hash rate meant that the average time taken to complete a bitcoin transaction doubled from 10 minutes to 20 minutes or more, according to bitcoin analyst Jimmy Song.

This coincided with a more than 20% crash in bitcoin’s price. “Bitcoin cash was up to 100% more profitable to mine because of the price run-up,” Song says. According to the, bitcoin’s hash rate has recovered to about 20 percentage points from where it was before it crashed. Bitcoin’s hash rate is once again well above that of bitcoin cash. A death spiral was averted. Bitcoin and bitcoin cash’s dueling hash rates. (Fork.lol) Bitcoin watchers don’t expect to see the last of this sort of volatility in hash rate.

“When it’s more profitable to mine [bitcoin cash], miners will go there. When it’s more profitable to mine [bitcoin], like right now, miners will go there,” Song said. Hshare HSR Mining Bandwidth. Best Komodo KMD Mining Calculator. Which means the threat of a death spiral for either digital currency can’t ever be written off. Correction: An earlier version of this article said a bitcoin-cash hard fork led to miners switching their hash rate to bitcoin; in fact it was bitcoin cash’s difficulty adjustment that caused a surge in difficulty, causing miners to switch.