It’s needless to say that it will take some time before the Bitcoin Cash network finally finds its place in the crypto world. Now things are slowly straightening out through mining difficulty’s adjustments made by Bitcoin Cash over the weekend.
It seems the altcoin’s network is gradually gains momentum, even though the difficulty is a lot lower compared to that of Bitcoin itself and mining Bitcoin is still significantly more profitable than BCH (not to be confused with BCC). Be honest, expect Bitcoin Cash substitute or level off with its “parent currency” a week after the alternative version of the bitcoin blockchain was created would be at least thoughtless. FYI, it took 3 years for Bitcoin to become known to not only geeks, and 8 years to hit its all-time high. At the same time, we should understand the possibility that Bitcoin Cash may never rival Bitcoin in the future.
Because of the high mining difficulty, and the fact that there is not all that much mining support for BCH right now it turned up to be difficult to find network blocks, which, in fact, are often multiple hours apart. Lack of support is understandable and should not surprise anyone since miners will point their hardware to the more profitable solutions, which don’t include Bitcoin Cash yet. Still, we shouldn’t deny chances that it may change.
Together with low difficulty, the Bitcoin Cash network has quite low hashrate making around 650 PH/s. Despite it has been going up, it is still a lot lower than the actual one of Bitcoin. However, that is a solid number for Bitcoin Cash at this point, given how unprofitable it is to mine currently. In addition, more mining pools support BCH in due course: BitClub is now finding network blocks as well, which is a positive sign.
More mining pools supporting the BCH network contribute to bringing block times down quite a bit. So far, we can’t speak about any emerging trend as this is still a very accidental situation: some blocks take an hour to discover, others may be only five minutes apart. We can say that it is all about pool luck and mining difficulty, which, by the way, seems to be coming down a little bit, as the result of two recent adjustments.
Today Bitcoin Cash is only 1/6 (or 16,66%) as difficult as Bitcoin to mine. However, it’s still more rational for a miner to mine Bitcoin (with the current price of $3458), as Bitcoin Cash needs to be worth about 1/6 of Bitcoin’s price to be as profitable, which sets the target at $576 ($3458/6) at the time of publishing the article.
For all have been said, a lot of people are glad to have a choice between SegWit and large blocks. Time will show whether BCH has a bright future ahead or not. For now, things are starting to look better, especially given some major exchanges enabled or are planning to enable currency’s withdrawals. But still there is a lot more progress to be made.
Meanwhile, according to the CoinMarketCap’s Bitcoin Price Index, Bitcoin Cash is currently trading at $323 level, with capitalization making $5,3B.