Bitcoin Cash Network took 5 hours to find a block on January 30th
The use of Bitcoin Cash was put to the test when the network was unable to produce a single block in over five hours earlier this week. While many saw the declining hash rate as a result of the low usage, the low usage could have been caused by an unstable hash rate due to the frequent migration of the miners.
The Bitcoin Cash network took more than 5 hours to produce a single block
Bitcoin Cash, Bitcoin's first and most popular spinoff, hit the headlines this week. The network, which has the fourth largest market cap in the world, took almost five and a half hours to produce a single block.
According to the data from blockchain explorer Blockchain.com, the block was 620. 025 at the 30. January shortly after 2: 00 AM (UTC) produces while the next block, 620. 026, could only be found five and a half hours later.
A detailed look at the data of Bitcoin Cash Explorer shows that the 10 – minute block time of the network does not occur as often. Alone on 30. January there were several cases of one-hour block periods. The relatively small size of the block found later 620. 026 was seen as a clear indicator of the lack of use of Bitcoin Cash.
The value of Bitcoin Cash is its profitability
While the main benefit of Bitcoin Cash is the unlimited block size and lower transaction fees, the cryptocurrency has yet to deliver on its promises. Aside from a lower fee, the network hasn't yet reached the transaction speed, volume, or hash rate that Bitcoin sees almost every day.
Because the network is less than 50. 000 transactions processed and in the past 24 hours an on-chain volume of just over 1.5 Billions of dollars have been recorded, one can say with certainty that the blockchain is not bursting with activity. However, it may not be the low usage that caused the slow block time.
A strongly fluctuating hash rate is not a new phenomenon in the Bitcoin cash network. The coin's relatively low price compared to Bitcoin means that mining is much less profitable, which is why both smaller miners and large mining pools tend to diversify their activities.
This becomes clear when you have the hash values of the two coins on 30. January compares. Bitcoin Cash saw a huge drop in the hash rate, which resulted in the network being idle for more than 5 hours.
Bitcoin, on the other hand, saw a significant increase in the hash rate. Although it is difficult to define this as the cause, the correlation between the two cannot be denied.
Text proof: cryptoslate