One of bitcoin’s biggest pool, F2Pool, has today started mining Bitcoin Cash. Joining Antpool, which began doing so yesterday, BTC.com, and many other miners.
Most of the big miners are now attributing some of their hashrate to Bitcoin Cash, with F2Pool quickly rising to take 15% of the network’s hardware share. Twice higher than Antpool, but still somewhat below ViaBTC.
The latter has given their miners free choice. By far, they are opting for Bitcoin Cash which is nearing 10x more hardware share on ViaBTC than Bitcoin Core.
Bitcoin Core, in turn, is loosing considerable hardware share on ViaBTC. More than halved in the past few days from some 350 Petahertz to 150P.
While the hashrate of Bitcoin Cash has risen by nearly 10x as indicated by blocks found. More than 50 in the past hour. Considerably higher than the usual six per hour.
That may suggest the hashrate of Bitcoin Cash currently stands at around 70% of what it was on the chain-split day and might at this stage be the same or higher than Bitcoin Core.
As was expected, miners are following the free market and their own self interest by mining the most profitable chain, which currently is Bitcoin Cash, standing at 100% more profitable than Bitcoin Core.
However, there could be an argument that they have now breached the New York segwit2x agreement. An argument which would have more strength if Bitcoin Cash was in existence at the time.
Moreover, the agreement does not say they could not mine other coins or they have to mine only segwit2x. So technically, they might have not breached it at all.
In any event, such niceties and technicalities are probably irrelevant when it comes to burning money by mining a less profitable chain or not taking the free money that is now available to them.
Thus showing, once more, that the inbuilt mining incentives do work. They could have attacked the chain in its early days and maybe some even planned to, but once they found themselves with so many valuable coins, they may have far preferred the money.
Showing just how complex public blockchain incentives are and why it all works pretty well even though in a theoretical realm where actors are portrayed in a one dimensional manner you could have said that it’s never going to work.