Bitcoin Cash Confirms No Block In Two Hours As Miners Continue to Lose Interest 


NordFX

Following the recent halving that occurred on the Bitcoin Cash (BCH), several miners have deserted the network, leading to a low interest in confirming blocks. 

According to data on advanced blockchain explorer, Blockchair, the BCH blockchain did not add a new block for approximately two hours, even though the network has an average block confirmation time of 10 minutes.

Blockchair revealed that BCH block 638243 was mined by AntPool at 11:40 AM on June 5, 2020, while the next block 638244, was found at 1:14 PM on the same day by same mining firm.

Even though the BCH protocol was designed to mine an average of 4000 transactions in a single block, both blocks confirmed just 1,632 (32116.53136494 BCH) and 3,178 (40007.33121907 BCH) transactions, respectively.  

The explanation of the data above shows that either the network currently has fewer transactions than usual or miners are no longer motivated to confirm more blocks. 

However, it is clear that both factors are responsible for the decrease in the rate at which new blocks are confirmed, as further analysis on blocks 638,245 revealed that only 167 transactions were completed. 

It can be recalled that miners’ reward for confirming a single block on the BCH blockchain was slashed from 12.5 BCH ($3,220.75) to a 6.25 BCH ($1,609.44).

The development led to the departure of miners from minting BCH to Bitcoin (BTC) based on the profit, which made the BCH network to have less hash rate, and the network speed was reported to be down 83% at that time. 

This does not reflect the assertions made by famous BCH proponent, Roger Ver, the CEO founder of Bitcoin.com, who believes the speed it takes to confirm transactions on the network would see BCH outperform BTC in the future. 

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Author: Lele Jima

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Author: Lele Jima