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Bitcoin and Bitcoin Cash Hashrates see an Upsurge in Crypto Winter

Bitcoin and Bitcoin Cash Hashrates see an Upsurge in Crypto Winter

According to recent reports, the hashrate between both Bitcoin Cash (BCH) and Bitcoin Core (BTC) has seen an exceptional boom. Currently, both SHA-256 proof-of-work (POW) powered protocols have been working at 35exahash per second making it the most powerful computational assembly in the world.

The crypto space has been plagued by what is being called ‘Crypto Winter” as nearly all digital currencies have recorded massive price decline. Some experts even claimed that mining became unprofitable after bitcoin’s value dropped below $8,000. Even after the hard times, bitcoin mining has not been negatively affected as it has expanded in the last four months. In 2018, pools like Antpool, Viabtc, BTC.com, and Slush have raised their hashrates. It is being said that the evolution of new semiconductors has kept mining alive.

At present, 80 percent of the BTC hashrate or 8 of the top 10 pools, are being operated from China. BTC.com leads the chart as it owns 28.9 percent of the BTC hashrate. Also known as Hash power, a hash rate serves as a measuring unit to evaluate the power of any bitcoin network is consuming to sustain its operations. In simpler language, it notes the power a network is using to recognize blocks at the normal mean time of 10 minutes.

Bitcoin cash network has also seen a steady rise in its hashrate as BCH miners are operating between 3.6-5 exahash per second.  Earlier this year the BCH hashrate was between 0.5-1 exahash per second. As of now, BCH mining is providing 1.7 percent more profit than BTC chain as bitcoin cash has experienced a price rise of 60 percent. The Bitcoin Cash Difficulty Adjustment Algorithm (DAA) is running at 14.8 percent of BTC’s difficulty. After the fixation of DAA, last November, the months of March and April have recorded the biggest hashrate spikes for BCH.

As of now, BCH covers thirteen authorized mining pools and 2-3 anonymous mining operations that point their resources at the chain.  In the last seven days Viabtc, BTC.com, Bitcoin.com, BTC.top, and Antpool have been the most successful mining pools. Surprisingly, few unknown mining pools have grabbed 31 percent of the BCH network hashrate. China accounts for 60 percent of the BCH global hashrate as bitcoin cash covers a large network of countries that contribute to its speed.

Both of these networks are using a grand amount of computational power, which is more than the entire population of 1500+ digital assets combined. It should also be noted that processing power of these digital currencies has increased since the advent of 2018. Ethereum stands out among others as its hashrate has immensely grown in the ‘Crypto Winter.’

The Litecoin network has also been a beneficiary of the ‘Crypto Winter’ in relation to its hashrate. Every virtual currency that uses the POW-type of consensus algorithm has been able to produce some kind of profit.  From January to April 23, 2018, most of the cryptocurrency hashrates have considerably inflated.

The reports suggest that claims of bitcoin miners losing their job were missing factual assistance.

About the author

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Solomon Kingsley

Soloman got involved with Bitcoin while studying his Masters in Finance. Since then, he has been writing blogs relating to the cryptocurrencies and latest news relating to the same. Now he has joined this platform to take his passion a step ahead.