Bitcoin Cash Rally – Huge Mining Profitability
Bitcoin Cash has seen an unbelievable rally starting on August 17th 2017, increasing nearly 300% in 48 hours. Bitcoin cash cleared the $700 ceiling on August 18th, and then continued past $900 just a few short hours later.
With this recent increase in value, bitcoin cash is now the 3rd larger digital currency in terms of overall market cap at approximately $15.5 billion at the time of this writing. Bitcoin cash eclipsed Ripple, Iota, and Litecoin to gain a spot into the top 3.
Bitcoin Cash came to fruition due to the hard fork at the beginning of August 2017, creating an alternate blockchain with a slightly differently underlying protocol. Check out our article about Bitcoin Cash to learn more about the differences between it and Bitcoin.
So the question remains, why is Bitcoin Cash going up?
Mining profitability for Bitcoin Cash is currently more profitable than Bitcoin according to Bitcoin developer Jimmy Song. The increase in price for Bitcoin Cash is one of the reasons that mining profitability has increased so dramatically.
Mining difficulty for Bitcoin Cash also decreased, which attracted many miners to commit computing power to the Bitcoin Cash network. Bitcoin Cash miners may start to increase exponentially if the rising price continues.
Exchanges are also getting more involved with Bitcoin Cash, implementing them into their respective exchanges.
CNBC also reported that Bitcoin Cash processing increase could have been the cause of increased popularity to Bitcoin Cash.
https://www.coindesk.com/bitcoin-cash-closes-profitability-parity-original-blockchain/
