Bitcoin Cash Developers Must Acknowledge The Failure Of Their Project
April 10, 2020
According to Tour Demester, founder of Adamant Capital, Bitcoin Cash (BCH) altcoin developers must admit the complete failure of their crypto project.
The recent reduction in remuneration for the mined block (halving) in the Bitcoin Cash (BCH) network has greatly affected the hash rate of the cryptocurrency.
The failure of the team can be judged by the behaviour of miners who began to massively disconnect from the BCH network after the April halving. Almost immediately after the reduction of the miners’ rewards, the hash of the network collapsed by 60%.
Bitcoin Cash experienced problems before, the number of platform users has always been minimal.
Demeter also drew attention to the fact that since 2019 the project has become fully centralized. There is no trust in the altcoin in the development community. The founder of Adamant Capital expressed his position on Twitter and added that the BCH network has no real prospects for scaling.
The fact of the massive exit of miners from the Bitcoin Cash network was confirmed by Alejandro de la Torre, Vice President of Poolin mining pool. He also noted that the miners’ teams after the BCH halving began to quickly switch to Bitcoin mining thanks to the same existing algorithms.
Such a rapid decline in the hash rate after the Bitcoin Cash halving was not an unforeseen event. Bitcoin supporters have long said that Bitcoin Cash has not been able to create a stable mining economy during its existence.
Join Bitxmi Exchange and get $10 worth of BXMI token after your first trade
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Bitxmi News won’t be responsible for any loss of funds.