Bitcoin Cash nears $1000

One of Bitcoin’s largest mining pools after Antpool, BTC.com, which controls up to 13% of the network’s hardware share, has started mining Bitcoin Cash today, according to the Bitcoin Cash block data.

The addition of BTC.com, is somewhat surprising. They are owned by Bitmain/Antpool, but have full independence in their operations. However, their pool of admins is a strong SegWit and Bitcoin Core supporters, which makes their decision to mine Bitcoin Cash quite interesting.

Following Bitcoin Cash’s bull run up to near $1,000, it is probable most, if not all, miners will contribute some hashrate to it if for nothing else then as a hedge. Any ideology, therefore, might give way to the money incentives as miners follow the free market in providing the added security commensurable with the price.

That would probably lead to a fall in Bitcoin Core’s hashrate as miners move their hardware, which may leave them with slower blocks and an even more congested network.But it is probably too early to say at this stage how things will develop, as the significant mining move has only seemingly begun today.

This article was first posted on Etoro.com/blog: Our Premium Trading Partner.

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Avner Meyrav

@ccn.com