Bitcoin Lost Support of Miners Lately!
but I can adjust my sails to always reach my destination."
(Jimmy Dean)
Some Miners Moved Their Hashpower to BCH
While hanging out in the general Steemit.Chat a little yesterday, I´ve got a link from @acidyo, which lead me to a website showing some statistics on BTC & BCH since the fork. For sure everyone might interpret Data differently but it is pretty obvious that Bitcoin lost the Support of some Miners within the last two days.
Taking a closer look on the Data, the Hashpower used to mine Bitcoin started to drop by more than 30% since 20. August, while the one for BCH increased respectively over the same time. But let´s not make a long story out of it, as it was (at least for me) basically all pretty obvious after taking a look on the BCH Price Chart on Coinmarketcap...
Just take a look for yourself on the Price Chart and the Hashrate Statistics below and you´ll see that some Miners most probably moved away from BTC in order not to miss out on a possible huge price increase of BCH...
In my opinion, we might now see the real Power standing behind BTC right after some miners adjusted their sails that quickly or do you think it´s just a huge coincidence that this move happened exactly at the peak of BCH two days ago?
(A Proud German Ambassador from & for #Teamaustralia!)
The miners will move back to BTC in force once they extract all they can from BCH. This is a perfect example of why Bitcoin needs to take the power back from the miners.
You know nothing, jordanlindsey
Way to engage someone who does not share you view. lol
Do not confuse my 'view' with the actual landscape.
I get it. You are a believer in BCH. Who knows. IMO nobody knows what is going to happen. Hold onto your keys and all splits on future forks because in the end we do not know who is going to emerge the leader until they do.
Nice post. I think this is the reason why we should not consider miners as the one who want to protect Bitcoins. They only want to protect their profit. I am talking about major part of course, not everyone is like this. I think there is no danger for Bitcoin at all - let's say it, Bitcoin is the most mainstream cryptocurrency right now and even random person on street can recognize what "Bitcoin" means.
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Hash powers self adjust, eventually they will find an equilibrium and Bitcoin has a huge advantage on network effect. Don't put all your eggs in one basket!
Wise words :) I'm definitely keeping an eye on both chains these days as you simply can't know what's going to happen or which one is going to rise more ;)
Miners switched when the difficulty dropped on Bitcoin Cash and it became more profitable to mine.
Sure they might have done it due to that reason, but maybe there is as well something else going on we don't know about...
btc
I really enjoyed your post, thank you for sharing with us. Enjoy the vote!
There are several interesting development going on in the Bitcoin industry. We wrote a detailed report about the fate and future of Bitcoins > https://steemit.com/news/@blockrush/bitcoin-down-to-usd3-700-your-top-3-questions-are-answered-about-the-fate-and-future-of-bitcoin-blockrush
bitcoin will never come down because it is protected from a lot of peoples , bitcoin cash is just a shitecoin
Do you know for sure? :)
I recently rented mining capability through Genesis - anu opinion on that move?
Well you'll still receive your Payouts anyways ;) So no reason for you to start worrying :)
That's definitely an interesting correlation. I was curious what prompted BCC to rally so hard out of nowhere after stagnating in the $300 range for a week or two.
Unfortunately I can't say for sure how interrelated the two are. You make a good case for it though.
@cryptokeepr, we wrote a detailed report about the potential fate and future of Bitcoin. you might find it helpful - check it out on our page
Has a lot to do with the difficulty adjustments.