Bitcoin Cash’s (TIKER: BCH.EXANTE) rising price is going to make it a more profitable for miners cryptocurrency than Bitcoin, thus creating the incentive for miners to dedicate computing power to the Bitcoin Cash blockchain, CoinDesk reports on Friday.
Indeed, Bitcoin Cash's price (Bitcoin.Cash) rose above the $500 mark earlier today, and the new all-time high was formed at $567,76. The price made a solid uptrend over the past 24 hours and traded higher by more than $300.
Taking into account this new Bitcoin Cash’s price level, miners of this cryptocurrency are going to be making about 2% more mining on Bitcoin (TIKER: BTC.EXANTE) than they do on Bitcoin Cash. This spread could increase with an upcoming adjustment on Bitcoin Cash, which will make it still easier to mine.
This week’s block 479,808 will likely trigger a difficulty adjustment downwards 50%, and if the prices of Bitcoin and Bitcoin Cash remain at the present level, miners will make almost double on Bitcoin Cash what they would on Bitcoin.
After all, the bitcoin blockchain charges higher fees on transactions — extra 1.5 BTC per block on bitcoin, which makes approx. $6,000. Whereas Bitcoin Cash still can boast very low fees — under $50.