30 Aug '17, 8am

Bitcoin

Bitcoin

Jimmy Song is a bitcoin developer and principal architect at blockchain technology startup Paxos. In this opinion piece, Song discusses mining patterns on the bitcoin cash blockchain, theorizing on what they might indicate about the incentives powering the new cryptocurrency. Over the weekend, the bitcoin cash blockchain experienced a notable technical change. Like the bitcoin blockchain from which it forked, bitcoin cash is hard-wired to adjust how hard it is for miners to claim its rewards, and on Saturday, it saw such a change. As a result, bitcoin cash was made 300% more difficult to mine. This, in turn, caused the profitability of the coin to decrease dramatically . Many miners left for bitcoin, and for about 10 hours only a few blocks were found. As a result, emergency difficulty adjustments (a technical mechanism unique to bitcoin cash) were triggered, causing the d...

Full article: https://www.coindesk.com/miners-mining-bitcoin-cash-losin...

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