Bitcoin Cash hash rates and that of BSV have recovered, after a significant decline after their April halvings. So far, the BTC hash rate has dropped by 24%.
May 14, 2020 | AtoZ Markets – Bitcoin Cash (BCH) saw its hashrate almost doubling on the day of BTC’s halving, on May 11. After its own halving in April, BCH hashrate declined 66% in two days. However, in the past 24 hours, it dropped again, this time, by 13%.
Miners switch back to Bitcoin Cash and BSV after BTC halving
Another coin to have gone through a halving this year is Bitcoin SV (BSV). 24 hours after its own halving in April, its hashrate dropped almost 16%. And this week, it also doubled (but went down by 7% in the past 24 hours).
After these two halvings, some analysts claimed that miners will switch from BCH and BSV to BTC, trying to compensate lost revenues. And it seems that they’re switching back after the BTC halving.
Bitcoin hashrate declines
Meanwhile, according to Bitinfocharts.com, BTC hashrate dropped by 24% in a day. However, Bitcoin entrepreneur Matt Odell noted that looking for data at the mining pools is an option but that those are self-reported numbers, and that it’s actually hard to calculate hashrate accurately for shorter time frames, given that the measurements are derived using average block times and the current mining difficulty.
“We will have a better idea of how much hash rate dropped off the network post halving over the next few weeks,” Odell said.
Speaking of which, BTC mining difficulty, a measure showing how hard it is to compete for mining rewards, is currently estimated to increase 3.5% to 16.68 T during the next adjustment in five days, which would be a new all-time high. These are, however, lower estimated numbers than +4.5% to 16.83 T reported yesterday.
Daniel Frumkin, an analyst at Braiins, the company behind Slush Pool and the Stratum V2 protocol for pooled mining, expects the mining difficulty do drop by 2%. If this happens, it would help miners that just suffered the third BTC halving, according to Qingfei Li, F2Pool’s Chief Marketing Officer. In his opinion, the mining difficulty will keep decreasing for the next two adjustments, which would be until mid-June.
BTC price has been on the rise over the past 24 hours. At the time of writing, the coin is changing trading at 9,620 level. Traders expect the flagship token to reach the $10,000 resistance before continuing higher.
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