Mining interest in Bitcoin Cash has greatly increased over the month of January.
Bitcoin Cash: Hashrate Rising
The level of interest thereof is best expressed in what’s known as the “hashrate.” The hashrate is the number of hashes per second that all miners on the network are contributing to finding new blocks.
The more hashes you contribute, the more likely you are to “find” a “block” and receive its reward. This reward is scheduled to have on both Bitcoin and Bitcoin Cash in May, which explains why people make such a big deal of all that.
Hashrate Pushing A 100% Increase
Over a 90 day period, Bitcoin Cash consistently had about 2.5 exahash. That’s basically 2.5 million terrahash. Then, beginning around the end of December, things started to pick up, and over the course of January the new level became significantly higher.
One only needs to see a chart to understand the scope of things:
On the 12th of January, the hashrate jumped to 3.25 Exahash. But it wasn’t done climbing.
By the 15th, Bitcoin Cash’s hashrate had gained another full exahash, clocking in at over 4.25E.
For regular users, this doesn’t mean much. For existing BCH miners, it means increased competition. For the network and companies building on it, it means a great deal of increased security.
Bitcoin Cash miners can choose to mine Bitcoin and other cryptocurrencies relatively easily. Bitcoin and Bitcoin Cash are not the only currencies that use the Sha256 hashing algorithm. In fact, it’s just as likely that some of the Bitcoin Cash miners representing the new hashpower have come over from Bitcoin.
It’s interesting that a new hashrate high coincides with a call for miner taxation in Bitcoin Cash.
One thing that’s for sure: Bitcoin Cash has been on the gain lately. Often, lately, if Bitcoin sees a 1% gain, then Bitcoin Cash will see a 5% gain, or even more.
The cryptocurrency was worth about $347 at time of writing.