Bitcoin Cash mining profitability has been grabbing the headlines lately and this has led many miners across the world to concentrate their mining power towards Bitcoin Cash and as a result mining hashrate for the new cryptocurrency briefly rose higher than that of Bitcoin Core today.
At one time it rose to over 51 per cent of the total hashrate, but at the time of this writing it is hovering at 45 per cent. The jump in the hashrate dedicated to Bitcoin Cash mining made it the most secure chain out of the two briefly.
Given the prices and other factors, Bitcoin Cash continues to be more profitable to mine than Bitcoin Core and that’s one of the reasons why it is attracting considerably more hashrate than Bitcoin Core on quite a few mining pools.
Bitcoin Cash may have been attracting the hashrate, but its prices haven’t increased substantially and that’s because it is yet to be adopted by merchants like Bitcoin. Bitcoin Payment processors like BitPay are currently focused on segwit2x.
Another major merchants processor is Coinbase and that too hasn’t been too supportive of Bitcoin Cash. It is yet to even distribute Bitcoin Cash to its users and according to the company it will be doing so sometime in 2018. This effectively means that Bitcoin Cash payments processing might not be a high priority item on its list either.
Miners are currently oscillating between Bitcoin Cash and Bitcoin Core depending on profitability and chances are they are even using automatic programs to instantly switch, so one of the currencies might have to become a clear “winner” for some stability.
Bitcoin Cash may become much stronger than it is currently in the future and that’s because there is enough momentum in the Bitcoin Cash community already with some projects already moving to Bitcoin Cash due to its low fees and as good as instant transactions. Others may follow if the chain continues to attract adoption and users, making it a real viable alternative to Bitcoin Core.