Bitcoin Cash Miners Are Betting Big On The New Currency Exploding

coindispatch on August 21, 2017

As someone pointed out in a Reddit thread on /r/BTC earlier today, a massive amount of bitcoin cash is being held by some major mining operations

Reddit user space58 pointed out today that miners of bitcoin cash had more than just high hopes for the future of the controversial new currency, sharing a quick analysis of their findings from the blockchain.

If you go to https://blockchair.com/bitcoin-cash/blocks , you can see the latest blocks being mined. So lets look at one mined with the hour before this post was made, block 480535. If you follow that link you will find details of that block and all the transactions included in that block. If you scroll down to the transactions, you will notice the first transaction has a tick in the column marked “Coinbase”. Each block has exactly one “Coinbase” transaction, which is the miner collecting fees and claiming the mining reward.

If you click on the number in the “Id” column for this “Coinbase” transaction, 243685981 you can find details of the transaction. The item we’re interested in is the destination address, which is the miner’s address. If you click on that address 1KuxGYqhn5RsWqjXzy5qHbwnBavsfRxdJG you will be taken to details of that address. The interesting thing to note is the unspent balance of that address, 3,090.40148042 BCH, or about US$2.1Million.

So lets look at some other blocks:

Block Height Miner reward address
480535 1KuxGYqhn5RsWqjXzy5qHbwnBavsfRxdJG
480534 1KuxGYqhn5RsWqjXzy5qHbwnBavsfRxdJG
480533 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe
480532 1KuxGYqhn5RsWqjXzy5qHbwnBavsfRxdJG
480531 1KuxGYqhn5RsWqjXzy5qHbwnBavsfRxdJG
480530 1KuxGYqhn5RsWqjXzy5qHbwnBavsfRxdJG

Its only two miners, but their reward addresses hold huge balances:

Address Unspent balance
1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe 7,274.60551362
1KuxGYqhn5RsWqjXzy5qHbwnBavsfRxdJG 3,090.40148042

7287 BCH is 563 times the block reward.

These are miners that are betting on BCH exploding and overtaking BTC. Also, if the balances of these addresses drops drastically, that is a sign that the miners are cashing out and everybody else should too.

 

This is relatively significant considering how the past 48 hours of trading of bitcoin cash have gone. Saturday night, the cryptocurrency reached a new high of $900, but dwindled over the past 24 hours down to $600. However, with this news of miners banking hard on the coin, and fear mongering from the media, theĀ FUD may be over as we see the coin bouncing back to $650 already.