Bitcoin’s Hashrate Falls 13%

Neutral Bitcoin’s Hashrate Falls 13%

Bitcoin's hashrate has fallen by more than at any time this year from 54 quintillion to 47 quintillion.

The daily hashrate seems to show fluctuations within an expected range, but the 7 days average measure shows a significant drop starting on or around November the 4th.

The reason for it is not very clear, especially considering that bitcoin's price has been relatively stable. It may perhaps be due to BTCC closing, but they only had circa 1% of the hashrate while this is a 13% fall, dropping to its lowest level since August when it first reached 47 quintillion.

There is constant fluctuation as can be seen, especially since August, but this is the biggest percentage drop for the year and perhaps more.

It may be related to the on-going Bitcoin Cash spectacle where a chain-split is now to occur on November 15th.

It appears Craig Wright does have some reasonable amount of hashrate, with it used in a display yesterday when his BMG Pool mined five 32MB blocks.

Craig Wright's affiliated pools managed to gain about 53% of BCH's hash, with their share then falling presumably because they sent it back to BTC. Wright said:

"When we move our hash off BTC into BCH (oh I forgot to say that we are there too) the BTC mining hash drops and suddenly BTC mining is MORE profitable.

Stay on BCH as we will and lose big time... Think of this as a short term gift to mining BTC."

Presumably BCH's hash would fall as well because some of it would go to BSV, but he has said there won't be a chain-split, just a 51% attack on BCH.

Why a miner would want to attack the coin that gives it money, is not very clear. There are suggestions through that they think that if they gain more than 51% - like they just did - then miners would somehow switch to BSV.

That's obviously not how any of this works. ABC has its own rules which kick in on November 15th. The first block to be mined with the new ABC client creates a split if older ABC clients are still mining or if BSV clients are mining.

There is no way to stop this upgrade or to make anyone go to BSV. Freedom rules here as does complete free choice.

A 51% attack may cause some turbulences, but as Nakamoto himself said, it would be completely pointless. Maybe Craig " I AM Satoshi " Wright has forgotten what he himself claims to have said, but actual coders know very well that he would be wasting his own time and his own money and perhaps Calvin Ayre's money.

What Ayre needs to consider is first some real technical expertise. And second, he needs to consider how he'll manage to mine the first BSV block.

That's because miners follow price, meaning BSV would get about 10% or 20% of BCH's hashrate.

Difficulty adjusts by block, so if we simplify and say that 20% would find one BCH block per hour, worth lets say at a price of $450 some $5,600, that 20% would also get one BSV block per hour initially, worth $1,200 at a price of $100 per BSV.

After the first block then difficulty starts adjusting. If Ayre sends all of his hash to BSV, then he'd basically be getting 4x less for it than if it is split according to which is more profitable to mine.

So Wright or Ayre might have at most about 62% of BCH's current hashrate. He'll need about 20% for BSV. The rest is just 40%.

If instead he is really mining on BSV clients, then that entire hashrate might go to BSV where blocks would be produced far too quickly, meaning there would be a high level of inflation.

In BCH, as that hashrate would have left, then mining would become more profitable than in bitcoin. Some of BTC's hash, therefore, might go to BCH and some of BCH's hash might go to BSV. However, as both BCH and BSV adjust by block, a hash equilibrium would probably quickly be found.

Meaning neither coin would have higher profitability, not even bitcoin which adjusts every two weeks, except for maybe in the first hour or two prior to difficulty adjusting.

Bitcoin might however see a hash drop, as it already has. That may make blocks a bit slower to find, but it then adjusts as usual.

All of it meaning we might see some popcorn shortages in the next few days as the show now begins with the first chain-split of a chain-split to unfold this Thursday.

Copyrights Trustnodes.com

11/11/2018 / 14:57:30 Source: trustnodes

Bitcoin | Bitcoin Cash | Cryptopolitics | News | | Mining|BTC
BTC
1 BTC=$3,927.34
XRP
1 XRP=$0.3207
ETH
1 ETH=$145.58
EOS
1 EOS=$3.83
BCH
1 BCH=$141.06
XUC
1 XUC=$2.13

News Feed 50

Ccn Neutral - Vanguard CIO Greg Davis Just Issued a Dire Warning for the US Stock Market read more.
02/12/2019 / 20:32:35
Bitcoin.Com Neutral - Two US Public Pension Funds Back New $40 Million Crypto VC read more.
02/12/2019 / 20:32:33
Ambcrypto Neutral - Bitcoin SV’s [BSV] Craig Wright hits back at WikiLeaks as Twitter feud escalates read more.
02/12/2019 / 20:30:20
Cointelegraph Neutral - Top 20 Cryptos Make Small Gains While Stock Futures and Oil Indexes See Green read more.
02/12/2019 / 20:29:00
Cointelegraph Neutral - Japanese IT Giant GMO Confirms Launch of Yen-Backed Stablecoin GYEN in 2019 read more.
02/12/2019 / 20:22:00
Cryptobriefing Neutral - Blockchain Advances In Africa, Overcoming Funding Hurdles read more.
02/12/2019 / 20:03:52
Newsbtc Neutral - Police Mistake Crypto Mining Rigs For Drug Den in Raid Gone Wrong read more.
02/12/2019 / 20:01:30
Dailyhodl Neutral - Bitcoin Lightning Torch Hits Tron CEO Justin Sun – Will Kobe Bryant Grab the Crypto Bounty Next? read more.
02/12/2019 / 19:58:54
Ccn Neutral - Exclusive: Bitcoin Cash Developer Amaury Sechet Comes Clean on Satoshi Claims read more.
02/12/2019 / 19:53:47
Cointelegraph Neutral - China: New Guidance to Implement Blockchain in Agriculture Finance Sector read more.
02/12/2019 / 19:51:00
Ambcrypto Neutral - #XRP/USD Price Analysis: Coin could soon go for a bullish ride read more.
02/12/2019 / 19:30:38
Cryptoslate Neutral - Morgan Creek’s Venture Fund Raised $40 Million to Invest in Blockchain and Cryptocurrency read more.
02/12/2019 / 19:30:19
Cryptobriefing Neutral - Western Union Acknowledges Experiments With Ripple Tech read more.
02/12/2019 / 19:14:03
Trustnodes Neutral - Former Prime Minister Bigs Up Bitcoin Amid Power Struggle in Bangkok read more.
02/12/2019 / 19:13:38
Newsbtc Neutral - XRP and Ripple Stand to Benefit if the World Bank and McKinsey Projections are True read more.
02/12/2019 / 19:00:56
Bitcoinist Neutral - Santander Bank Ordered to Keep Brazilian Bitcoin Exchange Account Open read more.
02/12/2019 / 19:00:47
Ambcrypto Neutral - Cryptocurrency News – 12th Feb – Ripple partner raises $1.7M, Coingate adds LTC LN support and more read more.
02/12/2019 / 19:00:32
Cryptoglobe Neutral - 'It's Virtually Certain': Bitcoin ETF Will Be Approved, Prominent Analyst Argues read more.
02/12/2019 / 18:50:00
Ccn Neutral - This US Senator Wants to Legalize Weed, Should Investors Get High on Pot Stocks? read more.
02/12/2019 / 18:30:33
Ambcrypto Neutral - Bitcoin [BTC] volatility works to investors’ advantage, says Financial advisor read more.
02/12/2019 / 18:30:05
Coinspeaker Neutral - SEC to Clarify ‘Overly Broad’ Regulation for Crypto Token Sales read more.
02/12/2019 / 18:30:02
Cryptobriefing Neutral - Pensions Count On Bitcoin Eggs For Retirement read more.
02/12/2019 / 18:24:55
Bitcoin.Com Neutral - Crypto Broker Voyager Digital Lists on Canada’s TSX Venture Exchange read more.
02/12/2019 / 18:21:57
Coingape Neutral - BitMEX Research On Next Global Crisis: Retail Banking & Payment System Unlikely to be Under Threat read more.
02/12/2019 / 18:21:13
Cryptopotato Neutral - Crypto Market Update Feb.12: Bitcoin Dominance Declines as Altcoins Skyrocket read more.
02/12/2019 / 18:15:52
Ethereumworldnews Neutral - EOS (EOS) Price Initiating Break Above the Daily Range Bound read more.
02/12/2019 / 18:11:41
Cryptoslate Neutral - Ripple Grants $2 Million to University of Kansas, Funds 29 Universities to Conduct Blockchain and Crypto Research read more.
02/12/2019 / 18:08:54
Cointelegraph Neutral - Mt. Gox Trustee May Have Crashed Bitcoin in 2018 by Dumping It on an Exchange, but There is Still Hope read more.
02/12/2019 / 18:08:00
Cryptonewsreview Neutral - Australian police mistake crypto mining rig for suspected pot farm read more.
02/12/2019 / 18:03:55
Newsbtc Neutral - Are TRX Prices Dumping Because “Changpeng Zhao and Justin Sun are Scheming”? read more.
02/12/2019 / 18:00:58
Ambcrypto Neutral - Cryptocurrency-hijacking malware ‘Clipper’ discovered on Google’s Play Store read more.
02/12/2019 / 18:00:16
Ccn Neutral - Gaming Giant Activision Blizzard Stock Could Get Crushed [Again] Tonight read more.
02/12/2019 / 17:59:00
Cryptopotato Neutral - #Weekly Price Analysis Overview Feb.12: Bitcoin, Ethereum, Ripple, Dash and Monero read more.
02/12/2019 / 17:58:39
Bitcoinmagazine Neutral - Morgan Creek Bags $40M Raise, Attracts Industry First Funding From Pensions read more.
02/12/2019 / 17:51:05
Cointelegraph Neutral - Software Giant Oracle Expands Its Enterprise Blockchain Platform read more.
02/12/2019 / 17:50:00
Cryptonewsreview Neutral - Firefox to offer cryptomining blocking in May release read more.
02/12/2019 / 17:36:48
Livebitcoinnews Neutral - Ethereum (ETH) Up 3 Pct at $120, as Bitcoin (BTC) Rallies 5 Pct at $3,600, Litecoin Also Poised to Rise read more.
02/12/2019 / 17:36:29
Cointelegraph Neutral - Payment Processor Netpay to Integrate Blockchain-Based Tool: Report read more.
02/12/2019 / 17:32:00
Ambcrypto Neutral - Tron [TRX/USD] Technical Analysis: Cryptocurrency succumbs to the bear again as prices stagnate read more.
02/12/2019 / 17:30:21
Ethnews.Com Neutral - Distributed Digest: Tuesday, February 12, 2019 read more.
02/12/2019 / 17:30:12
Dailyhodl Neutral - Payments Giant Western Union Preparing for Crypto, Tests Ripple and XRP read more.
02/12/2019 / 17:20:41
Cryptoglobe Neutral - Cryptocurrency Analysis Firm Chainalysis Raises $30 Million read more.
02/12/2019 / 17:20:00
Ccn Neutral - Did TRON Acquire a Liability in $126 Million Purchase of BitTorrent? A Record 3,300 Lawsuits Hit Platform’s Users read more.
02/12/2019 / 17:16:51
Ambcrypto Neutral - Bitcoin [BTC]: WikiLeaks provides evidence debunking Craig Wright’s claim to be Satoshi Nakamoto read more.
02/12/2019 / 17:15:47
Ccn Neutral - Why Asset Manager Canaccord Says Tesla Stock Will Explode by 40% in 2019 read more.
02/12/2019 / 17:15:08
Cryptobriefing Neutral - Bitcoin Cash / USD Technical Analysis: Still Going Down read more.
02/12/2019 / 17:02:39
Ambcrypto Neutral - Ripple’s CTO clarifies that Interledger Protocol [ILP] is not connected to the RippleNet yet read more.
02/12/2019 / 17:00:29
Bitcoinist Neutral - Binance Chain Decentralize Exchange Testnet Will Launch Next Week read more.
02/12/2019 / 17:00:06
Coindesk Neutral - Co-Founder Quits Avalon Mining Chip Maker Canaan Over ‘Differences’ read more.
02/12/2019 / 17:00:06
Newsbtc Neutral - Bitmain S15 Firmware “Very Buggy”, Will This Claim Affect BTC Prices? read more.
02/12/2019 / 16:58:38
Negative
3.2%
Neutral
96.0%
Positive
0.8%
Mixed
0%

Latest comments: