The past few months have been rather interesting for the numerous Bitcoin forks on the market. Both Bitcoin Cash and Bitcoin SV continue to lose ground. Mostly where the hashrate is concerned, Bitcoin remains the undisputed leader.
Is There a Future for Bitcoin Cash and Bitcoin SV?
Most of the people’s attention goes to Bitcoin and the new all-time highs it keeps recording. For the many forks, such as Bitcoin Cash and Bitcoin SV, things are a bit different. These are not the most popular networks by any means. Some people openly wonder if they have any future at all. Current statistics indicate that may not necessarily be the case.
Several indicators confirm both of these forks are losing ground. While they may benefit from Bitcoin’s uptrend for their own token’s price, everything else seems to be heading in the wrong direction. Fans of these two ecosystems have a lot of work to do to reverse the current trend.
For Bitcoin Cash and Bitcoin SV, the fundamental problems are easy to identify. Both networks lag in the hashrate and number of network nodes. Earlier this year, BCH and BSV noted a steep decrease in network hashrate already. That trend has seemingly not improved, as the real Bitcoin chain controls 98% of all mining power.
As far as network nodes go, the same concept applies. Bitcoin Cash has slightly better statistics than Bitcoin SV, but the issue remains prevalent. As Bitcoin represents 87.5% of all network nodes, both forks risk losing even more ground. Outside of their native communities, no one seems to do much with either BCH or BSV.
Mining Profitability Favors Bitcoin
One crucial reason why miners aren’t keen on switching to these forked chains is the overall profitability. More specifically, mining BTC is 3.5% more profitable than BCH. For BSV, the difference is 14.5% in favor of Bitcoin. Somewhat unexpected statistics, as mining Bitcoin is far more competitive than these two chains. Even then, miners will not earn sufficient rewards to pocket a more significant profit.
Based on these statistics, it seems evident that Bitcoin will continue to sit on the throne. Neither of these forks can hold a candle to the real thing. Changing that narrative will be very difficult.
Despite these setbacks, both Bitcoin Cash and Bitcoin SV continue to maintain a $5.88 billion market cap and $3.27 billion, respectively. Bitcoin, the real version that is, has a market cap of over $441 billion. It is clear for everyone to see there is no competition with the forks.