Bitcoin Cash miners losing money on the eve of a hashing war

BCH Fork

Bitcoin Cash Price Chart Source by CoinMarketcap

Most major digital coins, such as Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC), suffered heavy losses, which resulted in the market losing almost $30 billion of its value in just a few hours.

Cardano (ADA) is now at $0.06 against the dollar, a -15.15 percent change in the last 24h.

Stellar (XLM) traded 4.4% higher against the dollar and now trades at $0.25 or 0.00004515 BTC.

According to data from Fork.lol (based on the current relative difficulty retarget and exchange prices), Bitcoin Cash miners could have made 1.4x more Dollars profits if they were pointing their hash rate towards the BTC chain yesterday.

Counterparty (XCP) traded down 1.2% against the dollar and now trades at $2.85 or 0.00051140 BTC.

Crown (CRW) traded down 3.8% against the dollar and now trades at $0.34 or 0.00005323 BTC.

Bitcoin gained 0.58% on Sunday, reversing Saturday's 0.48% fall, to end the day at $5,659.5, the minor gain through the weekend leaving Bitcoin down 12.23% for the week, Monday through Sunday.

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ATBCoin (ATB) traded down 1.9% against the dollar and now trades at $0.0191 or 0.00000301 BTC.

Maker (MKR) traded up 0.6% against the dollar and now trades at $577.22 or 0.10305815 BTC.

"The current status of Bitcoin Cash is fairly clear, but it isn't sustainable", he wrote on Twitter.

Looking at charts from exchanges that are now allowing trades like Bittrex and Voltaire shows BCH has been steadily climbing back up after being dragged down to the $269 low. The official website for Bitcoin Cash is www.bitcoincash.org. Its genesis date was August 1st, 2017.

BCH is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. Its split is created to entirely overwrite the network scripts of Bitcoin ABC and increase the block size of Bitcoin Cash from 32MB to a maximum of 128MB, all of which are expected to increase network capacity and scale. The Reddit community for Bitcoin Cash is /r/Bitcoincash and the currency's Github account can be viewed here.

What started out as a dive has turned into a plunge, as bitcoin and other coins are losing huge amounts of value on massive trading volume.

It's not always possible to buy cryptos like Bitcoin Cash instantly using American dollars.

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