BTC.TOP Will Mine Bitcoin Cash Based on Price – Trustnodes

BTC.TOP Will Mine Bitcoin Cash Based on Price

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Bitcoin’s second biggest mining pool will portion its hashrate between Bitcoin Cash (BCC) and Bitcoin Core’s BTC dependant on the price of each, Jiang Zhuoer, BTC.TOP’s founder, told trustnodes.

“We will split the hashrate based on BCC’s and BTC’s price. Let the market and price decide everything,” he said.

They are joined by ViaBTC, which has gone further in opening today a Bitcoin Cash mining pool, as well as listing BCC on their exchange where it reached a high of $900 before settling at around $500.

As expected from the ethereum chain-split last year, the mining hashrate will probably follow price, so other pools may join BTC.TOP and ViaBTC. Zhuoer said:

“BTC is the competitor of Legal currency, and BCC is the competitor of BTC. If 2M of SW2x failure, BCC may win BTC.”

SW2x is the segwit2x “compromise” reached by miners and businesses whereby they are to activate the unmodified Bitcoin Core segwit to be followed by a hardfork increase of the 1MB hard-limit in three months.

The activation of segwit has already occurred, with it to go live and be enforced in late August, but the hardfork part seems very unlikely to many big blockers who have decided to split on August the 1st through a flag-day hardfork, creating Bitcoin Cash through the BitcoinABC client with Bitcoin Unlimited and Classic soon to follow.

“If 2M of SW2x succeeds, BCC will become BTC’s test coin and follower, just like now, LTC is the test coin and follower of BTC,” Zhuoer said.

We asked for his estimate of the 2x part going through considering Gregory Maxwell, Blockstream’s CTO, has stated it “will happen at roughly the same time as hell freezing over.”

“I don’t care what he says, Core has been vote down by the market,” Zhuoer stated, before adding:

“The 2M hard fork will happen. The 2M chain may succeed or fail. If the 2M chain fails, Bitcoin cash will beat BTC(Core) and become Bitcoin.”

Bitcoin Cash is currently trading at around 20% of bitcoin’s price. The currency, therefore, may attract around 20% of the current hashrate.

Bitcoin’s current hashrate distribution.

However, the split has not yet happened, with the hardfork to occur on August 1st. Its price, therefore, may change up or down once everyone gets their hands on BCC. Allowing bitcoiners to freely buy the asset directly or sell it, rather than trading futures.

As such, its price ratio to bitcoin and, therefore, its likely hashrate share, remains to be seen, but its opening price and retention of value at around $500, as much as bitcoin’s price last year, seems to be a promising start for the first bitcoin chain-split currency.

 

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July 23, 2017 8:34 pm

“The activation of segwit has already occurred”

No it hasn’t. BIP91 has activated, which means non-SegWit signalling blocks will be orphaned. A majority of miners can still decide to change their minds on this though.