Miners deserted Bitcoin (BTC) in favor of Bitcoin Cash (BCH) for the weekend, leaving a gap in required hash power, here's how it played out.
Wednesday Nov 8th - segwit2x suspended
Wednesday evening's announcement of the suspended Segwit2x fork, left BCH as an obvious large block alternative to Bitcoin(BTC). This quality combined with it's transaction speed and cost, its price began to rise.
Friday Nov 10th - BCH mining profitability exceeds that of BTC
BCH hit the $1000 price at Midday Friday, marking the start of a BCH miners bull run in terms of profitability. This inevitably led to a rapid rise in BCH mining hash power switching over from BTC mines.
Saturday Nov 11th - BCH hash power overtakes that of BTC (but was short lived)
Sunday Nov 12th - BCH price peaks at about $2300
That Sunday night saw BCH mining difficulty updated, and BTC became more profitable once more.
Sunday saw a peak price of BCH at about $2300, swiftly followed by a significant correction.
Following the BCH difficulty adjustment, the mining profitability fell dramatically.
Miners didn't stick around, and the BTC/BCH hash power was restored to it's relative status qou.
The gap in hash power experienced from Friday to Sunday left BTC with a hangover of over 100,000 unconfirmed transactions.
With the miners back at work processing the BTC chain, the backlog is going as quickly as it came.
Sources/Credits
BCC price chart
Hash power chart
Mining difficulty chart
Unconfirmed transactions chart
