https://cointelegraph.com/news/someone-was-propping-up-the-bitcoin-cash-hashrate-at-a-loss-in-aprilData shows someone is propping up Bitcoin Cash
Luxor Mining Pool Operator, Ethan Vera, has been looking at the rise of so-called “tribalist” mining on the Bitcoin Cash network. A tribalist miner is an individual or entity that mines a particular cryptocurrency for reasons other than just the block reward.
“If the hash price (value of hashrate) for a chain is below that of another for a long period of time you know that there are people propping it up for reasons beyond mining profitability,” Vera told Cointelegraph.
Vera shared data that indicates there was a rise in tribalist BCH mining in April, just as the cryptocurrency network was experiencing its first halving event.
Data source: Ethan Vera
"As indicated by the above chart, BCH miners were leaving money on the table by not switching to BTC after the Bitcoin Cash network experienced its halving on April 8.
“On April 8th the hashprice of BCH was about 30% lower than that of Bitcoin,” explained Vera. “If the market was efficient then some miners would jump to BTC and BSV until the difficulty adjusted making them all equal again. This indicates that there [were] many tribalistic miners on the network that were willing to forego some mining profit to support the network.”
Vera acknowledges that this analysis relies on the assumption that miners are driven by profits and that there is very little cost to switch between mining on different cryptocurrency networks that use SHA-256 as their mechanism to enable proof-of-work.
“It mostly stopped recently,” added Vera. “Hashrate for BCH really dropped off. Maybe [the miners] figured they had done their job of supporting it through the halving?”
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