Bitcoin Cash Blockchain for 5 hours – What happened?
The use of Bitcoin for Cash has been put to the test, as the network has produced the beginning of this week for more than five hours not a single Block, without causing a transaction backlog. While many saw the decline in the Hash Rate as a result of the low utilization could be caused by the unstable Hash Rate due to increased Migration of the miners to Bitcoin (BTC).
Bitcoin Cash, the first and most common offshoots of Bitcoin, has come this week for all the wrong reasons in the news. The network, which is the fourth-largest market capitalization on the crypto market, it took almost five and a half hours to produce a single Block. According to the data from the Blockchain Explorer Blockchair.com the Block 620.025 was on 30. In January, shortly after 2:00 in the morning (UTC) produced during the following Block, 620.026, only five have been found and a half hours afterwards.
A detailed look at the data of the Bitcoin Cash Explorer shows that the 10-minute block time of the network occurs so frequently. Alone on 30. In January, there were several cases of 1-hour block times. And, although it is worth noting that the slower block times look at the much-more-used networks, such as Bitcoin exists, is a Suspend, the block production for more than five hours as critical. Even if a greater back pressure is remained in the case of Bitcoin Cash (BCH), and there is the potential risk of this. The relatively small size of the later found Blocks 620.026 was seen as a clear indicator of the lack of use of Bitcoin Cash.
While the main use of Bitcoin Cash in of unlimited block size and the lower transaction fees, has redeemed the crypto currency so far, none of their promises. Apart from a lower fee, the network has not yet reached the transaction speed, the volume, or the Hash Rate of Bitcoin almost every day looks. Many Bitcoin Maximalists saw the slow block time of the network as a result of lack of use. Since the network has less than processes 50,000 transactions every day, and in the past 24 hours, a On-Chain volume of more than 1.5 billion dollars recorded, you can not say with certainty that the Blockchain is bursting with activity.
However, it is not perhaps the low usage, which has caused the slow block times. A closer look at the Hash Rate of Bitcoin Cash shows that it could also be Vice versa. A strongly fluctuating Hash Rate is not a new phenomenon in the Bitcoin for Cash network. The relatively low price of the coin in comparison to Bitcoin means that the Mining is much less profitable, which is why both small Miner, large Mining Pools tend to diversify their activities.
This is evident when looking at the Hash graphs of the two Coins on the 30. January compares. Bitcoin Cash saw a huge drop in the Hash Rate, and led to the network for more than 5 hours without a Block. In the case of Bitcoin, however, was at the same time a significant increase in the Hash-to-list Rate. Although it is difficult to define this as the cause, the correlation between the two cannot be denied.
This frequent exchange of Bitcoin for Cash to Bitcoin shows that only a few miners see the value of an exclusive focus their activities on BCH. It remains to be seen how the lack of confidence of the miners in the network and its uses and impacts.
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