The Bitcoin Cash community is expecting another move from Bitcoin to Bitcoin Cash, as mining power may be redistributed in the next few days.
Bitcoin Cash easily moved from the 1,200 to the 1,500 range within a day, and indications appeared that another dramatic weekend may be coming. At the moment, BCH keeps climbing, and is up by 31.33% in the past 24 hours, reaching $1,562.11. The coin is still far from the premium peak it achieved on BitHumb at around $2,500, but this Black Friday may, in fact, turn bright for BCH.
At the same time, Bitcoin has settled a bit above $8,000. Trading volumes are increasing for both coins, at around $3 to $4 billion in the past 24 hours. Reddit users noticed that the BCH market has eaten up a rather large batch of around 7,000 BCH at $1,500, while the price continued climbing, with $2,000 as a target in the near future.
Bitcoin Cash at the moment is slightly more profitable to mine compared to the Bitcoin blockchain. A movement of miners to the forked coin often coincides with a price peak. In the past weeks, more pools have moved to Bitcoin Cash, and the influence of the Unknown entity has fallen:
At the moment, it is 7.4% more profitable to mine on the BCH blockchain. And in addition to block rewards, the promise of a higher market price may be inviting miners.
The mining of Bitcoin has recovered a bit, with block time falling from 15 to around 12 minutes and the hash rate climbing to 8.1 PH/s. It is still early to talk of a mass exodus of miners, but Bitcoin is facing a difficulty readjustment in two days, which may make mining less profitable.
At the same time, the difficulty of Bitcoin may adjust to levels that allow for easier block rewards.
And while the two digital assets have performed similar clashes in the past, the events have intensified, leading to even more robust gains for Bitcoin Cash.
The block discovery statistics show that the Unknown portion of the mining lists several different entities, each leaving a different Coin Base Text. The unannounced miners may be pools, individuals or other that are interested in supporting Bitcoin Cash without revealing the public name and intentions.