> More profoundly, Bitcoin Cash’s hashrate, or network-wide cryptographic processing power, has surpassed Bitcoin’s.
This is not correct. BCH difficulty adjustment algorithm kicked in last night (difficulty +400%) [1] and BCH mining profitability tanked.
BTC is now ~3.5x more profitable to mine [2], and as a result most of the hashpower has returned to BTC [3].
It would seem that at least a large part of the movements this weekend were the result of miners gaming the BCH difficulty adjustment algorithm, combined with a dash of FOMO and pump / dump dynamics.
BCH hardforks today to make an emergency fix to the difficulty adjustment algorithm [4], so longer term it will be interesting to see what happens to the price, once the incentives for miners to game the difficulty algorithm disappear.
Hopefully the new algorithm allows the BCH difficulty to stabilise and the two chains can coexist.
It increasingly seems that forks will be commonplace, and as such the bitcoin protocol could probably benefit from built in replay protection and a more responsive difficulty adjustment algorithm.
This is not correct. BCH difficulty adjustment algorithm kicked in last night (difficulty +400%) [1] and BCH mining profitability tanked.
BTC is now ~3.5x more profitable to mine [2], and as a result most of the hashpower has returned to BTC [3].
It would seem that at least a large part of the movements this weekend were the result of miners gaming the BCH difficulty adjustment algorithm, combined with a dash of FOMO and pump / dump dynamics.
BCH hardforks today to make an emergency fix to the difficulty adjustment algorithm [4], so longer term it will be interesting to see what happens to the price, once the incentives for miners to game the difficulty algorithm disappear.
Hopefully the new algorithm allows the BCH difficulty to stabilise and the two chains can coexist.
It increasingly seems that forks will be commonplace, and as such the bitcoin protocol could probably benefit from built in replay protection and a more responsive difficulty adjustment algorithm.
[1]: https://fork.lol/pow/difficulty
[2]: https://fork.lol/
[3]: https://fork.lol/pow/hashrate
[4]: https://www.bitcoinabc.org/november