Looking at the markets recently one might think bitcoin is doomed to fail from all the regulations, investigations and scams. But when you look at mining it seems that is just another blip on the radar as more and more power is invested into bitcoin for mining. In most cases even operating at a negative!

The char above shows the last 9 months of bitcoin mining difficulty. Ever since December when bitcoin hit all new highs of $19,000 there seems to have been a rush of buying mining equipment as we have increased from 10,000 PH/s up to 30,000 PH/s in just 6 short months.

Whats really interesting is this last major blip which you will see below.

This is a 2 month snapshot and while there has been steady growth as we should expect. Normally when prices fall off miners do as well and push their ASIC back into other cryptos such as bitcoin cash etc. But what we are seeing is MASSIVE push in hardware sending rates up a possible 12% higher in about 10 days. What that means is what you are mining with right now today in 10 days would produce 12% less bitcoin to you because the difficulty has increased.

Image taken on bitinfocharts.com

What we can see is that mining has not really gone up at all on bitcoin cash instead its been flooded into bitcoin. Do miners expect a huge rally coming soon and fighting for bitcoin ? This is what it seems to spell out to me. Even with all the so called talk about bitcoin cash going to take over when you look at the numbers they are just not there. Transactions are at an all time low on the network, mining power is 7.5 times lower then bitcoin and there is still more profit in mining bitcoin then there is bitcoin cash.

What do you make of this data?