Wednesday, November 15, 2017 8:30:30 AM
Issued by Li Ang, head of China-based bitcoin mining outfit Canoe Pool, the proclamation may not be distinguishable from typical cryptocurrency banter. However, the difference this time around is the context.
No idle statement, Ang's comment comes amid what can only be characterized as one of the biggest migrations of capital yet seen in the nascent asset class. Billions are on the move in the crypto markets, and it's plainly observable where the funds are headed.
After hitting a record high above $800 on Friday, the price of bitcoin cash, the alternative cryptocurrency forked from the bitcoin blockchain in August, has doubled within 24 hours, hitting a high of $1,856 according to figures from data provider CoinMarketCap. At that price, bitcoin cash is now valued at more than $30 billion, passing ethereum for second-place standing in the market.
The move follows the sudden decision this week by a group of businesses and mining pools to suspend an effort to change the rules of the bitcoin software. Called Segwit2x, or simply "2x" by some, the effort would have increased bitcoin's block size – one way by which its transaction capacity can be measured.
But while bitcoin's developers and technologists lauded the suspension, miners and entrepreneurs lamented what they described to CoinDesk as a decision that would inspire others to migrate to blockchains more accommodating to their ideas and ideals. And if it was unclear at the time which alternatives would win favor, bitcoin cash is already proving the primary beneficiary.
Early and active in migrating support appears to be bitcoin's miners.
According to data from Fork.lol, at roughly 4:30 UTC on Sunday the total amount of mining power backing the bitcoin cash blockchain surpassed that of the bitcoin blockchain.
Recent SANP News
- Form 10-12G - Registration of securities [Section 12(g)] • Edgar (US Regulatory) • 02/01/2024 09:55:44 PM
- Form RW - Registration Withdrawal Request • Edgar (US Regulatory) • 01/31/2024 10:11:21 PM
- Form 10-12G/A - Registration of securities [Section 12(g)]: [Amend] • Edgar (US Regulatory) • 01/19/2024 09:46:51 PM
- Form 10-12G/A - Registration of securities [Section 12(g)]: [Amend] • Edgar (US Regulatory) • 01/11/2024 09:59:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/14/2023 05:27:38 PM
- Form 10-12G - Registration of securities [Section 12(g)] • Edgar (US Regulatory) • 12/05/2023 06:30:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/12/2023 03:39:09 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/06/2023 05:03:49 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/04/2023 02:24:15 PM
- Strategic Joint Venture Signed by Santo Mining Corp. and Planta Vida S.A.S. • InvestorsHub NewsWire • 10/03/2023 07:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/12/2023 04:46:55 PM
ECGI Holdings Announces LOI to Acquire Pacific Saddlery to Capitalize on $12.72 Billion Market Potential • ECGI • Jun 13, 2024 9:50 AM
Fifty 1 Labs, Inc. Announces Major Strategic Advancements and Shareholder Updates • CAFI • Jun 13, 2024 8:45 AM
Snakes & Lattes Opens Pop-Up Location at The Wellington Market in Toronto: A New Destination for Fun and Games - Thanks 'The Well', PepsiCo, Indie Pale House & All Sponsors & Partners for Their Commitment & Assistance Throughout The Process • FUNN • Jun 13, 2024 8:18 AM
HealthLynked Introduces Innovative Online Medical Record Request Form Using DocuSign • HLYK • Jun 12, 2024 8:00 AM
Ubiquitech Software Corp (OTC:UBQU) Posts $624,585 Quarterly Revenue - Largest Quarter Since 2018 • UBQU • Jun 11, 2024 10:13 AM
Element79 Gold Corp Files for OTCQB Uplisting, Provides Financial Update • ELEM • Jun 11, 2024 9:25 AM