BitMEX: Miners Are Loosing Millions in Revenue Due To Bitcoin Cash Hash War
A BitMEX Research suggests that Bitcoin Cash (BCH) miners have already incurred a loss of nearly $6.1 million in gross revenue since last week’s blockchain split, assuming that most of the hash rate on both sides of the Bitcoin Cash “hash war” has been leased.
The Tweet said:
Hash war estimated costs live update
* Estimated leasing fees: $8.1m
* Combined gross losses: $6.1m
— BitMEX Research (@BitMEXResearch) November 19, 2018
Notably, the subsequent profit or loss of such mining activity as of now will be on paper only as neither BCH nor BSV is experiencing a liquid market at this time. In saying that, if the lessees actually attempted to realize them in Bitcoin or fiat, the losses would escalate as the market support of the prices used in the estimation would quickly vanish, replaced by lower rates, as the forces of supply and demand dictate.
Though the figures were just to provide a minimum gain/maximum loss worst case scenario, it does points towards a disheartening fact that the ongoing “hash war” is prompting the network toward definitive loses.
No longer just a hobby, mining often runs on tight margins. Thus every decision made by a miner in terms of what to mime, which pool, where to operate from among others all come under great scrutiny. Expenses such as the cost of electricity, cost of hardware vary as per their decision, while the returns on investment sometimes take several months to realize.
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