- “SV miners have a negative gross margin of 353% & $1.4m of gross losses,” BitMEX research.
- Bitcoin Cash is the biggest gainer after a falling wedge pattern breakout.
A research conducted by BitMEX Research reveals that the ongoing hash war between Bitcoin Cash split chains has led to a loss of more than $6 million. Due to the conflict between Bitcoin ABC and Bitcoin SV, coin.dance has found that it is much more profitable to mine Bitcoin as opposed to Bitcoin Cash.
“If one assumes the hashrate is leased, we estimate the protagonists have spent $6.7m in leasing fees since the split, generating combined gross losses of $4.6m. It is only a matter of time until this pointless battle ends,” BitMEX shared on Twitter.
BitMEX continued:
“Even assuming cheap energy costs, SV miners have a negative gross margin of 353% & $1.4m of gross losses.”
Bitcoin Cash price technical picture
Bitcoin cash been the biggest gainer in the market today following the devastating drop that lasted a 7 days. Fueled by the war between its off springs, Bitcoin SV and Bitcoin ABC the slide was unstoppable on all support levels. Besides, Bitcoin had to find a bottom around $200 for a recoil to begin. Although the upside trend has already started to turn bearish, the charts show a 6.5% increase on the day. BCH/USD is trading between the moving average support and resistance (hourly range). There was a break out of the falling wedge pattern which ignited gains above $250. Bitcoin Cash currently exchanges hands at $268 with the next key resistance at $300.
BCH/USD 1-hour chart
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