Miners Switch to BCH and BSV Due to BTC Mining Problems

The hashrates of Bitcoin Cash (BCH) and Bitcoin SV (BSV) have risen after the rate of Bitcoin fell earlier. A similar scenario as in April, when the Hashrates beii BCH and BSV sank after their own halvings.

In the days after Bitcoin halving, hashrates within BCH and BSV’s networks have soared. According to BitInfoCharts, Bitcoin Cash and Bitcoin SV recorded an increase in computing power, while that in the BTC system was declining.

In the period from 10 to 14 May, the BCH hash rate had increased by over 90%. The increase in mining activity increased from 1.43 exahashes per second to 2.74 exahashes per second (EH / s). There was a comparable course in the BSV network. Here, the value rose from 1.1 EH/s before to 1.78 EH/s later.

BCH & BSV Hashrates Slumped in April but Surged After BTC Halving / bitinfocharts.com

Bitcoin Hashrate Up after BCH & BSV Halving

By almost 50%, the BCH hashrate increased on the day of BTC halving alone. In the two days after the own halving on 08.04., however, the value had fallen by 80%. In the BSV system, an identical event had occurred when the hash rate had dropped by 16% as a result of BSV network halving.

Here as there, a change of miners to the BTC network was looming, as users wanted to take expected profits before halving on 11.05. Miners were concerned that the Bitcoin halving could lead to mining closures due to significantly lower profitability. At least in the case of insufficiently efficient farms.

With the halving of rewards to 6.25 BTC along with increasing mining difficulties, many miners returned to Bitcoin Cash and Bitcoin SV. If Bitcoin’s hashrate was still at 137 EH/s in the run-up to halving after an increase, it fell to 104 EH/s after halving. This corresponds to a decrease of 24 %, which in turn was probably the reason for the increase in the networks of BCH and BSV.

Despite a significant drop in Bitcoin hashrate over the past 24 hours, believe you BTC entrepreneur and analyst Matt Odell at the current data not yet at resilient values. The exact decline in the rate can only be determined in the next few weeks.

Odell says that “average block times and current difficulties” of the network are currently being used to calculate the hashrate. This complicates the calculations for “short periods”.

Miner F2Pool, who was responsible for the emergence of the block 629.999 before the halving and added a message to the block on the current economic crisis that the reason for miners to switch to BCH and BSH could be justified with sales. The miner currently considers BSV more profitable than Bitcoin and Bitcoin Cash. This could also explain in more detail why the transaction volume in the system of the Bitcoin Satoshi Vision could increase by a whopping 80% within 24 hours.

F2Pool, the miner who wrote a message about the current financial crisis in block 629.999, says that miners switching to BCH and BSV are due to revenue. The miner currently describes BSV as more profitable than Bitcoin (BTC) and BCH, which could further explain the 80% increase in transaction volume on the Satoshi Vision network over the past 24 hours.

F2pool stipulate bitcoin mining revenues just behind BSV revenues, although the Chinese miner sees similar levels of revenue across all three systems.

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