Bitcoin Cash adjusts difficulty for a 3rd time

Brand new cryptocurrency adjusts mining difficulty for a third time
Diana Ugay's picture
Diana Ugay
09 August

Bitcoin Cash, the hard-forked version of Bitcoin, adjusted its mining difficulty after a week of its creation.

At the time of writing, Bitcoin Cash price is about $323 and the new cryptocurrency remains the forth-one in the list of market capitalization:

 Bitcoin Cash price chart on coinmarketcap.com  Bitcoin Cash price chart on coinmarketcap.com

Bitcoin Cash has a very particular rule about when difficulty can adjust downward. Rules for this are as follows:

  • Median Time Past of the current block and the Median Time Past of 6 blocks before has to be greater than 12 hours.
  • If so, it gets 20% easier to create proof of work. In other words, miners can find blocks 20% easier.

*Median Time Past (MTP) is just the median of the last 11 blocks. That is, put the last 11 blocks in time order and pick the middle one. This is used because sometimes blocks mined later have earlier time stamps (some technical reasons related to different clocks).

Thus, according to Coindesk, as a result of both blocks (478,647 and 478,648) having a Median Time Past (MTP) that was 12 hours greater than the six blocks prior, each block adjusted difficulty down by 20%. 

Now, the Bitcoin Cash chain has triggered a third difficulty adjustment, which resulted in lowering it to 13% of the hash-power required to find a block on August 1st.

The current mining profitability of Bitcoin Cash on cash.coin.dance The current mining profitability of Bitcoin Cash on cash.coin.dance

The chain is now operating at normal levels, with blocks being found within the usual 10 minutes, but occasional 20-30 minutes gaps still remain. The reason for this may be that the Bitcoin core chain is still more profitable to mine, standing at around 30% higher, although it has significantly fallen since yesterday.

Huobi and OKCoin to add Bitcoin Cash

Two largest Chinese exchanges add support for Bitcoin Cash
Diana Ugay's picture
Diana Ugay
22 August

Two largest Chinese cryptocurrency exchanges, OKCoin and Huobi, announced adding the support for Bitcoin Cash.

As OKCoin argues, the decision to add Bitcoin Cash was made after a "technical verification and comprehensive testing" of the coin:

Thus, OKCoin will officially support Bitcoin Cash (BCC) deposit and spot trading on August 22nd (06:00 Eastern Standard Time, UTC+20 HRS, 18:00 China/Hong Kong time). However, it is noteworthy that currently the exchange are only supporting BCC deposit and trading on the website. On top of that, to ensure a safe trading environment and to avoid potential 51% attacks and transaction malleability, there will be increased security verifications when depositing BCC. 

As for Huobi, the exchange claims that considering that Bitcoin Cash has entered the top three digital assets by market capitalization and has extensive support for trading platforms, there's the hope that users will realistically assess the risks associated with BCC trading.

Huobi will launch BCC/CNY on 17:30, August 22, 2017 (GMT +8). BCC trading will be available on main Huobi while BCC deposit was allowed from 17:00, August 9, 2017 (GMT+8).  

Bitcoin Cash charts on coinmarketcap.com Bitcoin Cash charts on coinmarketcap.com

As shown, at the time of writing, the Bitcoin Cash cryptocurrency price is about $687 and its market capitalization is more than $11 billion.