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 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 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.