The various forks of Bitcoin still struggle to capture a broader audience’s attention. The hashrate clearly favors Bitcoin over Bitcoin Cash, Bitcoin SV, and eCash. However, those latter chains all have higher profitability right now, yet miners are not switching over their hashpower.
Bitcoin Dominates The Hashrate
No one should be surprised to see miners pay little attention to the various forks of the world’s leading cryptocurrency. Although they all have respectable market values per asset, the hashrate is what everyone should pay attention to first and foremost. On that front, there is no debate as to who is the market leader, as that will always be Bitcoin.
A very intriguing scenario ensues with nearly 98% of the four chain’s combined hashpower pointed at the BTC network. There is room for competition, but miners will always follow the chain that provides the best long-term outcome. Swapping between the forks for the brief periods of higher profitability no longer appears to be a viable method for most. The differences in earnings are small, and they may evaporate once multiple miners begin cashing out.
Moreover, the Bitcoin network represents over 93% of all network nodes across these four chains. An impressive number, considering how Bitcoin Cash provided some initial competition. BSV and eCash are neck-in-neck for third place, It will be intriguing to see which project comes out on top over the next few months.
While one can argue that BSV has the most transactions and the biggest block size, neither seem to do the network any favors with miners. Its hashrate has dropped below eCash, confirming it is now the “weak runt of the litter”. Its last public code change occurred nearly 100 days ago, whereas the other three receive almost daily updates. Neither of these projects are alike, despite sharing most of their code.
Transaction Fees And Profitability Seem Irrelevant
One thing working in favor of these forks is how they are effectively cheaper to use for transactions. Bitcoin SV leads the pack on this front, followed by eCash and BCH. Transactions can be over 2,600x cheaper on non-Bitcoin networks, which is rather substantial. It is not a reason for users and miners to explore these alternative blockchains, though.
The same train of thought applies to mining profitability. Bitcoin has the lowest profitability of the four, yet miners remain put. The difference is up to 7.3%, which should be enough to make some people rethink their approach. Under the current circumstances, no one seems impressed by this reasonably substantial difference. It seems unlikely that situation will change in the future.