Bitcoin Cash pumps despite controversial new miner tax

Bitcoin Cash (BCH) has just gained more than 11% to reach almost $360—its highest value in more than a week. Bitcoin Cash is currently the best performer among the top 10 crypto assets.

This recent price action added more than $700 million to the Bitcoin Cash market capitalization, which now sits just north of $6.6 billion. Bitcoin Cash now firmly occupies the position of fourth-largest cryptocurrency by market capitalization, after being briefly overtaken by Bitcoin SV (BSV) following a significant pump.

The move comes just days after Bitmain CEO Jihan Wu and Bitcoin.com CEO Roger Ver, in addition to the founders of several major BCH mining pools, announced a plan to use 12.5% of all mining rewards to fund further development of Bitcoin Cash ecosystem. The so-called "infrastructure funding plan" is due to be implemented in May 2020, and will run for six months. During this time, an estimated $6 million in revenue will be generated for Bitcoin Cash development.

Although initially met with skepticism, it appears that the Bitcoin Cash community is warming to the controversial idea, since the plan appears to be designed to benefit the project in the long-run. Likewise, though the Bitcoin Cash hashrate initially took a hit following the announcement, it has since almost recovered and is now close to setting a 2020 high.