A new cryptocurrency representing a hard-forked version of Bitcoin, different from it in the blocksize limits
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 $354 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.
Distributed database that is used to maintain a continuously growing list of records, called blocks
*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%.
Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen
Hence, Bitcoin Cash is now 16.7% as difficult as Bitcoin to mine. However, Bitcoin Cash needs to be worth about 1/6 of Bitcoin's price to be as profitable.
Since the difficulty adjustment, Bitcoin Cash is averaging about 18-minute blocks, implying a hash rate of around 650 PH/s. At this rate, another difficulty adjustment can be expected in about 13 days.