According to cryptoslate reported on July 16, although the mining rate of bitcoin (BTC) and its forked currency bitcoin cash (BCH) initially differed, the increase in BTC computing power has been steadily narrowing the BCH mining lead. If the pace of the BTC continues to exceed the BCH, then the two cryptocurrencies are likely to be halved at the same time.
- Comment: IRS doesn't consider Bitcoin as a virtual currency at all
- What does the world's richest man think of cryptocurrencies and blockchain?
- Babbitt Column | Trustworthy Lightning Network: Or Solve the Problem of Expensive and Slow Bitcoin Transfers
- Analyze the correlation of Bitcoin with gold and crude oil: Is Bitcoin a commodity, currency or a safe-haven asset?
- A war triggered by an account: Why did the BCH supporters of the past take off the powder and step back?
- India’s regulation is counterproductive, with a local BTC premium of over $800
Image source: pixabay
BCH's initial mining speed is amazing, and bitcoin is far behind.
Since the fork in 2017, BCH has been trying to maintain its 10-minute block time inherited from Bitcoin. The goal of bifurcation is always to maintain the same level of difficulty and speed as the Bitcoin original chain. BCH developers have implemented several different algorithms to achieve this goal.
First, both the BTC and the BCH use the Difficulty Adjustment Algorithm (DAA), which adjusts the mining difficulty parameters every 2016 blocks. However, BCH began implementing another algorithm outside of DAA in 2017. The Emergency Difficulty Adjustment (EDA) is designed to reduce the difficulty of BCH mining by 20%, provided that fewer than six blocks are dug in 12 hours.
However, the introduction of EDA has caused serious problems for BCH mining, causing it to dig hundreds of thousands of blocks earlier than BTC. Even after the EDA was cancelled and the DAA changes were implemented, the difference in the number of blocks between the two still exists. The overall increase in block count, mining speed and computing power means that BCH is expected to be halved more than a month ahead of BTC.
The recent increase in BTC’s computing power means it may exceed BCH
Coinmetrics.io co-founder and partner of CastleIsland Ventures, Nic Carter, recently pointed out these issues in a series of tweets published on July 14. Carter said that BTC mining has lagged behind BCH. As early as November 2017, BCH dug more than 123,000 coins than BTC. One of the tweets wrote:
“Interesting fact: When BCH forks, the mining speed starts “too slow” and then “too fast”, and since EDA, its mining speed has lagged behind BTC. So BCH has dug 123,000 more than BTC. The coin, but the recent increase in BTC's computing power has narrowed BCH's lead to 73,000."
However, the increase in BTC computing power has narrowed this gap to 73,000 this month. Carter pointed out that the difference in the amount of money in each network can also be halved in the release schedule as "a few days in advance." Since 2017, the time gap between BCH and BTC production has been steadily narrowing, and BCH is currently only 41 days ahead.
Carter said that if the BTC continues to shrink the production gap of 239BTC every day and continue to maintain the power advantage, then BTC and BCH are likely to be halved at the same time.
Although this will only happen if the BTC's computing power keeps growing since 2017, even if the BCH “half the number of days in advance” is slightly reduced, it can show how slow the BTC network is growing.