Bitmain to support Bitcoin Cash

Bitcoin's biggest mining pool may support Bitcoin Cash
24 July 2017   3099

Bitmain, one of the biggest Bitcoin mining pools controlling its own hashrate while employing hundreds, suggests they may support Bitcoin Cash (BCC).

We are closely observing the “BCC” movement and do not rule out the possibility of supporting both Segwit2x and BCC.
 

Bitmain Team

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

Thus, on July 22th, the Chinese digital currency exchange ViaBTC added support for the trading of a possible new fork of Bitcoin that is being called “Bitcoin Cash” (BCC). The fork is based on the idea of UAHF, which is a contingency plan first proposed by Bitmain in April to protect the Bitcoin ecosystem from the threats proposed by the BIP148 fork (aka UASF). Because it is a contingency plan, the UAHF will be implemented by Bitmain only if the UASF fork happens and poses a considerable threat on the Bitcoin ecosystem. 

Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

As the company reports, The New York Agreement is a joint effort of the global Bitcoin community. As one of its signatories, Bitmain has actively supported the smooth implementation of Segwit2x and will continue to run the btc1 software on all our mining pools, namely Antpool, BTC.COM pool and ConnectBTC, in the foreseeable future, Bitmain team details. 

Bear Market to Hit Mining Hard

BitMEX research division presented an analysis of the impact of market decline on the mining industry
11 December 2018   75

The cryptocurrency market has experienced a marked decline over the past weeks. The BitMEX research division presented an analysis of the impact of these events on the mining industry. Bitcoin hash rate has fallen by 31% since the beginning of November, which is equivalent to the capacity of 1.3 million Bitmain S9 devices. From this, BitMEX concludes that miners as a class are in a difficult situation, however, they may have different conditions, and those who pay more for electricity, are forced to turn off their equipment first, while others may still be quite viable.

The decrease in the price of Bitcoin by 45% since the beginning of November has already caused two recalculations of the complexity of mining to the lower side - by 7.4% and 15.1% on November 16 and December 3, respectively. The first recalculation turned out to be the largest since January 2013, the second - since October 2011.

Bitcoin mining revenue fell from $ 13 million per day in early November to $ 6 million per day in early December. The fall in the size of the miner's encouragement turned out to be even more rapid than the fall in the price of cryptocurrency. This is due to the delay in recalculating the complexity of mining. For the six-day period ending December 3, 21.8% fewer blocks were mined than expected, since the miners left the network before recalculating the difficulty. As a result, in addition to reducing the size of the miners' encouragement in dollar terms, due to lower asset prices, they received 21.8% less bitcoin awards.

One of the popular reasons for the recent decline in the cryptocurrency market is that miners sold bitcoins to cover their costs of hash warsin the Bitcoin Cash network. The monitoring platform Boltzmann recorded an unusually large sale of Bitcoin by the miner on November 12, that is, 3 days before the hard fork of Bitcoin Cash.

BitMEX assumes that the actions of miners over the past weeks could have played a significant role in reducing the market, however, recommends not overestimating their value and reminds that in a bearish trend, prices continue to fall regardless of asset movements and news.