In the cryptocurrency world, there are different networks to keep an eye on. Primarily those that rely on mining will often see volatility where their hashrate is concerned.
In the case of Bitcoin Cash, its network hashrate has risen significantly in recent months. In fact, the highest level since late November 2018 has been reached.
The Bitcoin Cash Hashrate Growth
Similar to most currencies relying on Proof-of-Work, Bitcoin Cash has seen its miner input drop off significantly. This trend has become apparent in late 2018 – when prices kept drifting lower – and lasted until nearly April of 2019. Such a steep drop-off is not uncommon in this industry. Recovering from this decrease is often a completely different story.
For BCH, the miners had not given up on this currency. It is plausible to assume that some miners simply shut off their hardware. Others may have looked for greener pastures. Since April of 2019, the BCH hashrate has started moving up again. The low of 1 exohash per second shifted to 3 exohash by mid-October 2019.
Since this trend began, the mining power uptrend has remained in place. There have been some minor dips, but nothing to be concerned about. A few days ago, the BCH hashrate surpassed 4 exohash again. Since then, it has dropped again slightly, but remains well above 3.5 exohash per second.
Several factors contribute to these statistics. Miners want to run a profitable operation. Falling crypto prices have not helped out in that regard, yet things have been on the mend since the second half of 2019. Even today, BCH is more profitable to mine compared to Bitcoin itself. Bitcoin SV trumps both, however, but these figures will flip around quite regularly.
Pool Distribution and Merged Mining
There are still numerous BCH mining pools available today. Antpool, ViaBTC, BTC.top, Poolin, and Bitcoin.com are some of the top players. Several other pools make up for the remainder of the hashrate. Pointing one’s mining power to any of these pools can help support the Bitcoin Cash ecosystem
A lot of miners remain unaware of merged mining. This concept is crucial, as it allows for mining multiple cryptocurrencies in one go. Even for BCH miners, it is beneficial to get involved in merged mining. Maximizing one’s earnings is crucial when contributing hashrate to any cryptocurrency ecosystem.