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Bitcoin Cash was launched by miners and Bitcoin founders who understood all restrictions in the prospect of growth and were taking care of safety. ViaBTC founder Haipo Yang headed the group of enthusiasts who decided to create the hardfork.
This blockchain launched in 2017. At this point, the main difference was increasing the block by eight times. It allowed declining fees and processing more transactions in 24 hours.
Soon appeared a more event – dividing BSV hardfork and growing the block size to 32 MB. It is the fundamental difference between BTC и BCH that helped the last one become the improved BTC variety. A source code stayed the same.
As the first cryptocurrency, Bitcoin Cash was a means of payment but didn't become the platform for launching projects like, for example, Ethereum.
The main advantages of BCH are:
- openness (the coin did not have an owner or anybody else who has control over it)
- anonymity (payments are processed without a censure)
- transparency (operations are recorded in the global blockchain)
- reliability and long-lasting due to net distribution
- work inside the protocol conditions only
The structure of the BCH algorithm is almost the same as BTC. Miners confirm all operations. They get money for the hardware capacity. A correction of complexity takes place each hour.
Having all transactions ranked, use the system of payments in digital coins. One operation costs about $0.29 depending on the sum. For cryptocurrencies, the time of execution of operations is critically important. In the case of Bitcoin Cash, the speed is 116 transactions per second.
Also, BCH is distinguished by the signature system and SigHash transactions when it is possible to determine the parts of operation which will remain unchanged. One more technical innovation became EDA. Thanks to it, miners can transit from an unactual chain, and users will not have any inconveniences.
The main characteristics of BCH and mining
As of 05.08.2022, the BCH has next characteristics:
- the cost is $137.4
- capitalization: $2 629 786 242
- ranking position – 30
- emission 21 000 000
- circulation is 19 136 985 coins
- hashrate 1.222 EH/s
The numbers of BCH users are more than 6 million people. For them, the main value is the possibility of free transactions with total control. Thus, Bitcoin Cash is necessary for payments, but not for saving assets.
To get the coin, you should buy it in stock or on a crypto exchange. Also, it is possible to mine it. This process is similar to BTC mining. Big block size automatically needs the most powerful hardware and attracts more significant investments. A miner can work independently or join a pool.
TOP-5 pools for BCH mining
For Bitcoin Cash mining exist 28 pools. According to miningpoolstats TOP-5 polls are:
ViaBTC – is a complex pool for mining, and has 1 000 000 clients in 130 countries. It offers the possibility to withdraw funds without commission, crypto loans, and hedge services.
As of 05.08.2022: the hashrate is 196.01 PH/s, 4% PPS+, 2% PPLNS, and 1% SOLO.
Poolin. This technological mining pool was created in 2017 and belongs to Block company. There is a user-friendly interface, calculator of profitability, and other useful services. Supports ten coins.
As of 05.08.2022: the hashrate is 54.68 PH/s, 4% PPS.
BTC – one of the largest pools for BTC mining. It was founded in 2015 and became the subsidiary company of Bitmain Technology (a famous hardware producer). Supports nine coins.
As of 05.08.2022: the hashrate is 48.03 PH/s, FPPS.
Antpool. This pool owns ⅕ of the market and it is one of the biggest in the world. The head company is Bitmain Tech, which produces mining equipment. Antpool offers its clients a wide choice of working tools.
As of 05.08.2022: the hashrate is 47.7 PH/s, 0% PPLNS, 4% FPPS.
Sbicrypto. The pool occurred in 2021 as a subscribed company of SBI Holdings. Zero commission for mining allowed Sbicrypto to take the leading positions. Support BTC, BSV, and BCH.
As of 05.08.2022: the hashrate is 47.7 PH/s, 0.5% PPLNS, 0.5% FPPS.