Sentences with phrase «miners on the bitcoin cash»

All miners on the Bitcoin Cash or Bitcoin blockchains want to find the solution first, because validating a block results in a block reward — that's how new coins are released.

Not exact matches

Bitcoin traders aren't the only people hoping to cash in on the digital asset's rocketing fortunes: miners are, too.

On November 10th, 2017, we have seen sudden growth of Bitcoin Cash (Bcash) price, which led to many miners and whole pools moving to mine on Bcash blockchain with promise of greater returnOn November 10th, 2017, we have seen sudden growth of Bitcoin Cash (Bcash) price, which led to many miners and whole pools moving to mine on Bcash blockchain with promise of greater returnon Bcash blockchain with promise of greater returns.

A cryptic message on the bitcoin cash blockchain on Friday reveals insights into the minds of miners — who now can pick and choose between chains.

Jimmy Song takes a look at developments on the bitcoin cash blockchain, arguing it's providing evidence of shifting miner behavior.

Since there weren't very many Bitcoin Cash miners on a network that did maintain Bitcoin's mining difficulty requirements, this first BCH block did not come fast.

At the beginning, it proved to be profitable to mine on the Bitcoin Cash blockchain, but once miners started to exploit it, sporadic block generation and adjustment difficulties resulted in challenges for miners.

Another significant difference between the two currencies is that the level of difficulty involved in mining Bitcoin Cash varies depending on how many miners are active on the network.

While it remains to be seen whether bitcoin cash can attract widespread exchange and miner support to develop its own economy, today's evidence suggests it may be on its way to doing so.

Moreover, analyst Willy Woo told CoinDesk that Bitcoin Cash is now heavily backed by Chinese traders and miners, making BCH a «strategic and geopolitical bet» on Chinese influence.

A strong victory on Friday led to further gains in price until it was discovered that miners of bitcoin cash would be receiving greater rewards than those who mine for the old bitcoin.

On Tuesday, a group of miners split off from the main bitcoin blockchain — meaning they started using a new, incompatible software — creating a new cryptocurrency called Bitcoibitcoin blockchain — meaning they started using a new, incompatible software — creating a new cryptocurrency called BitcoinBitcoin Cash.

Others, though, believe there's more at play than simply a digital «I told you so,» and that miners are banking on bitcoin cash's future profitability.

The full implications of Bitcoin vs. Bitcoin Cash will be revealed as time goes on, but BCH futures are definitely on the minds of coin holders and miners as the cryptocurrency faces a major split.

While bitcoin cash had a high of 0.4 BTC on Bittrex recently, that's still nowhere near enough reward (0.4 * 14 = 5.6 BTC vs 14 BTC) for a miner to have enough economic incentive to mine Bitcoibitcoin cash had a high of 0.4 BTC on Bittrex recently, that's still nowhere near enough reward (0.4 * 14 = 5.6 BTC vs 14 BTC) for a miner to have enough economic incentive to mine Bitcoin Ccash had a high of 0.4 BTC on Bittrex recently, that's still nowhere near enough reward (0.4 * 14 = 5.6 BTC vs 14 BTC) for a miner to have enough economic incentive to mine BitcoinBitcoin CashCash.

However, there are longer - term rewards to mining bitcoin cash that perhaps some miners were counting on.

Since both Bitcoin cash and Bitcoin make use of similar mining algorithm, miners who are operating on compatible hardware have been showing interest of switching between networks.

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.

But whether bitcoin cash and its mining mechanism will be profitable isn't solely based on this «break - even» point where miners are incentivized by profit.

So, how would a miner prevent a downward difficulty adjustment on bitcoin cash and trigger an exodus of mining power from bitcoin?

In this article, I'm going to explain what might motivate a miner that doesn't like bitcoin cash to mine a block on that chain.

There are already miners that seem to be ideologically driven to keep mining on bitcoin cash, but another miner may have wanted to make sure there were six blocks every 12 hours in order to prevent the triggering of the downward difficulty adjustment.

But while it's possible some miners are choosing bitcoin or bitcoin cash based on preference, a certain contingent seem to be following the money.

However, after the split on 1 August, Bitcoin Cash miners continued to mine 1 - 2 MB blocks, with the majority of them even smaller than the blocks in the main bitcoin blocBitcoin Cash miners continued to mine 1 - 2 MB blocks, with the majority of them even smaller than the blocks in the main bitcoin blocbitcoin blockchain.

Shortly after the split on August 1st, which brought us Bitcoin Cash, in addition to Bitcoin, miners continued to signal for the activation of SegWit, an alternative scaling solution to increasing blocksize.

Bitcoin Gold has a leap over Bitcoin and Bitcoin cash as, BTG works on the GPU - based mining which would ultimately attract more miners and investors in the long run.

With its focus on industrial - scale crypto mining — predominantly Bitcoin, Bitcoin Cash, DASH & Litecoin - Moonlite is destined to be the largest miner in Iceland, as the key competitors are increasingly following the data - center business model, thereby renting out their facilities and not focusing directly on mining per se.

Miners were able to successfully create a block on a new Blockchain, called Bitcoin Cash, at roughly 2:14 p.m. ET on August 1, 2017.

Block 479,808 (set for this weekend) will likely trigger a difficulty adjustment downwards 50 %, and if the prices of bitcoin and bitcoin cash stay the same, this means miners will make almost double on bitcoin cash what they would on bitcoin.

After running into roadblocks this morning, miners were able to successfully create a block on a new blockchain, called Bitcoin Cash, at roughly 2:14 p.m. ET today.

With the new push, bitcoin cash miners are making around 2 % more mining on bitcoin than they do on bitcoin cash.

This could result in BTC - SegWit (what we have today), Bitcoin Cash launched on Aug. 1 with little miner support at present, and BTC - SegWit2x.

Just like other notable cryptos such as Ethereum and Litecoin, Bitcoin Cash depends heavily on its miners to run smoothly.

Bitcoin Cash is powered by a handful of large miners and its existence depends entirely on them.

Bitcoin Cash has taken the approach of allowing block size to be voted on by miners with a hard cap at 32 MB.

On August 1st, some miners and developers initiated what is known as a hard fork, effectively creating a new currency: Bitcoin Cash.

Another fork, Bitcoin Gold, claimed to exist as a decentralizing force that would not rely on massive mining farms of SHA - 256 miners as Bitcoin and Bitcoin Cash would.

But the scaling difficulty used by Bitcoin Cash means that whenever there are more miners working on it, they all get paid less BCH for their work, and when there are fewer miners working on it, they all get paid more BCH for their work.

But, just like every other cryptocurrency, the success of Bitcoin Cash hinges on how much support it gets from users, businesses and miners.

(See also: Bitcoin Cash Miners Took a Loss on Purpose)

Bitcoin cash was the result of an August 1st hard fork this year, with miners and enthusiasts signaling for larger block sizes to ease mempool congestion, lagging transaction times, and rising fees on BTC.

Once miners get their hands on some bitcoin cash they can use it for more than just trading, like paying for music records, gift cards and even plastic surgery.