We all know that recently started the Halving of Bitcoin Cash. We also talked about some potential drawbacks, for example the capitulation mass of miners, who has been assigned the power of hash to Bitcoin. Before this, the founder of Adamant Capital, Tuur demeester score, says it is time to admit defeat.
What has happened after the Halving?
Missing almost a month to the Halving of Bitcoin, we’ve seen some exciting motions in mining cryptocurrencies. One of these is that, both Bitcoin Cash as BSV, have lost the power of hash, and this has led to the criptomoneda leader. According to a tweet from Arthur van Pelt of Dragon Industries, the mining group Bitcoin Dot Com has lost almost 90% of your miners. In addition, it showed that Bitcoin currently calls 93.8% of the power of hash. Additionally, Bitcoin Cash had only 1.5% of the total power hash. Graph of the Hashrate of Bitcoin in a day. Source: Poolin This is influenced by the Halving of the reward for the blocks verified. The significant difference in this rate of hash destined for BCH is that a few days was over, for the miners who were competing for the last few blocks with the bounty of 12.5. At the time of writing this publication, Bitcoin Cash is located in 237,58 USD, which represents a loss of -9.31% of the value that was 24 hours ago. Meanwhile, today has come to the Halving of BSV. This criptomoneda is located in 191,07 USD, which represents a loss of 11.77% with respect to the price of 24 hours ago. As with Bitcoin Cash, this happened despite the fact that he was in a bullish rally in the days leading up to the event.
Tuur demeester score: “BCH should admit defeat”
Demeester score, is the founder of Adamant Capital, an advocate of Bitcoin, investor and analyst. That is why his opinion on Bitcoin Cash is daunting for many. In the first place, said that it is time to take that BCH was defeated. For this time just has users, and your hashrate has decreased by 96% compared to BTC, among other problems. Among other things said that “friends don’t let friends buy Bitcoin Cash.” To corroborate that there is almost no economic activity with Bitcoin Cash, demeester score recommended to visit the display of transactions TX Highway Cash. This is a kind of comparison between BTC and BCH as if you were both on the highways. The cars that pass represent the value and amounts of transactions made using each criptomoneda. The fastest and constants are the Bitcoin, while from time to time passes a little with Bitcoin Cash.
What happened to the miners?
In a few words, then the Halving of BCH miners changed immediately its approach to BTC in order to make greater profits while it is still possible. Alejandro de la Torre, vice president of Poolin, gave their opinion about the events. Poolin is one of the groups of mining cryptocurrencies larger. The Tower explained that the miners of Bitcoin Cash share the same algorithm. Therefore, the same platforms from the mining Bitcoin and Bitcoin SV. The Halving of Bitcoin Cash has represented a decrease in the hashrate that is intended for this criptomoneda. To change, there is an increase in the hashrate of Bitcoin. Why? It is simply because it is more cost-effective. Then, De la Torre added that perhaps there is some group of miners who want to keep the network of Bitcoin Cash working, and that’s why they keep pulling the blank out, even when it is not cost-effective in comparison with Bitcoin. Others believe that it is a centralized group which keeps alive the BCH. The above is worrying if we consider that, in theory, is only about cryptocurrencies is that they should are decentralized. Any way, we cannot deny that the following weeks will be interesting to analyze what happens with the Halving of these cryptocurrencies. So, what do you think about what time it is that Bitcoin Cash to throw in the towel and miners engaged in mining Bitcoin?