What’s with the recent BCH transaction time?

I bought $50 worth of BCH because it's merit amd utility. For example I can send $2 to another wallet for 0.09 cents! However it took nearly 21 mins. And transaction times are looking pretty high.

My understanding is the difficulty is dynamic but it seems like transaction times are excessively long for at least the past 24 hours.

With block size / volume not being an issue and using the recommended fee, what explains this? Not enough hash rate for the difficulty? Why hasn't the network adapted?

4 thoughts on “What’s with the recent BCH transaction time?”

    1. Sending $2 should cost about $0.002 unless there are a lot of inputs.

    2. Bitcoin Cash supports 0-conf. Most wallets and some vendors support this and it should arrive instantly and also can be sent instantly (without a confirmation). Exchanges do not support 0-conf and often require 6+ confirmations. All you can do is wait in that instance.

    3. 10 minutes confirmations/block time is an average, as it is with BTC and any other POW chain.

    4. BCH has had a lot of hashpower join and leave recently. This can cause fluctuations in the confirmations/block times. It should even back out soon.

  1. BCH saw a recent hashrate and difficulty spike. A lot more hashpower was working on BCH than should have been profitable. This caused extra blocks to be mined, putting the BCH block height slightly ahead of schedule by about 2 hours. After that hashrate left, the BCH difficulty adjustment algorithm only reduced the difficulty once we returned to the scheduled block height.

    https://www.coinwarz.com/mining/bitcoincash/difficulty-chart

    If you take a look at the DARI (difficulty-adjusted reward index), you can see that they were clearly mining BCH at a substantial loss compared to mining BTC. For about 3 days, they were mining BCH for only about 75% of the revenue they would have made per hash on mining BTC.

    https://fork.lol/reward/dari/bch

    I’m sorry for the inconvenience. However, take solace that this was very expensive and unprofitable for the miner that caused this difficulty/hashrate excursion. This should have cost something like $35k to jack up the difficulty like that for a few days. Assuming they don’t do this and miners return to rationally self-interested behavior, things should return to normal within a few hours.

  2. I can confirm that no merchants (over 250) in this city alone even noticed varied block times (this would be the case for all BCH merchants worldwide). This is because they use 0-conf for instant BCH payments and the BCH mempool serves as a very effective and convenient buffer against any statistical variations in block time. Satoshi clearly had Bitcoin right long before the Blockstream takeover and change in BTC vision. I am grateful Bitcoin Cash carries on the Bitcoin mission. (edit, grammar, clarity)

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