Hash Rate Dropping for Legacy Bitcoin
The legacy bitcoin versus upstart Bitcoin Cash wars rage on. Now legacy bitcoin is reportedly suffering from low hash rates caused by miners focusing on Bitcoin Cash, which offers greater rewards. The result is a legacy bitcoin transaction backlog that has some deals taking days to clear.
Data from Blockchain.info shows a recent halving of BTC hash rate from 8,000 to 4,000 petahash. That harkens back to a few months ago, when legacy bitcoin’s mempool hit record highs, causing network congestion and higher fees.
Bitcoin Cash is finding 43 blocks per hour compared to legacy bitcoin’s four blocks per hour, making it far more profitable for miners to devote resources to Bitcoin Cash.
