Bitcoin Cash is a cryptocurrence range of Bitcoin Classic. It was created in August 2017. It should be noted that Bitcoin Cash increases the size of the blocks, which makes it possible to process more transactions. Bitcoin Mining is the process by which transactions are checked and added to the large public book (known as the block string). It is also the means by which new Bitcoins are released.
Bitcoin’s mining money process.
You must wonder how Bitcoin Cash is undermined. There are two main activities involved:
1. Mining for blocks.
2. Adding transactions to blocks.
1. MINES FOR BLOCKS
When mining for blocks, minors use their computer power to find new blocks.
The new blocks must be added to the block string. The whole process is under the protocol “proof of work”. When a new block is discovered, the minors who have discovered are rewarded well. Currently, the reward goes to 12.5 Bitcoins. There are other incentives available too.
2. Adding transactions to blocks
The second step is to add transactions to the blocks. When a new block is discovered, the group of minors responsible for discovery becomes temporary dictators of this block. When a minor has to send a little bitcoin money to another, he will not do it physically. It is a transaction that must be added to the blocks of the chain. Miners usually charge fees if you want your transaction to be added to the blocks. It is after the addition that the transaction is judged complete.
It should be noted that cash and Bitcoin use the same SHA256 hash algorithm. This means that they are fighting for the hash power of the same group of minors. Bitcoin Cash is however more profitable for mine.
The best species miners are VIBTC, Antpool, BTC.TOP, BTC.com. The mining profitability of the coin depends on the value of the coin, its costs and the difficulty involved in mining. The difficulty of mining increases while more minors contribute their hash level to the room. This leads to a reduction in mining profitability. Currently, the room has the second volume of 24 hour trading. It amounts to $ 1.2 billion. It is also very encouraging to undermine at the Caisse (BCH) because exchanges such as Bithumb, BitFinx and HITBTC allow Bitcoin money to be deposited, removed and also negotiated.
Bitcoin Cash is focused on reversing a trend where very few online merchants accept bitcoin. This will be made possible by adopting larger sizes of blocks. He will also refuse to adopt Segwit. With these mechanisms in place, the coin will certainly increase so that its block string supports more total transactions. This is called to scaling the chain.