Yesterday, at around 4PM EDT on block 504,031, the Bitcoin Cash Network (BCH) completed a successful hard fork.
The new software that was initiated yesterday is specifically geared towards the rules of reward distribution and it was aimed at making it more attractive to the miner that secure this blockchain.
Currently, the new version of the blockchain has assembled six blocks, while there has been zero mining on the older Bitcoin Cash network. Like any potential hard fork complication, with zero mining on the old blockchain they’ve successfully avoided a competing cryptocurrency being built.
Yesterday’s hard fork switched a protocol to an alternative mining algorithm that will positively adjust how difficult it is for the miners to create new blocks on the blockchain, increasing it to every 600 seconds.
The reason the BCH developers decided to initiate this, is a large number of miners have been switching frequently between mining Bitcoin and the Bitcoin Cash blockchain, shifting to whichever blockchain is offering the most rewards at that given time.
Many of the BCH supporters believe this is now going to “level” the playing field and should be fair without any miners gaming the system.
What didn’t change with this network is their 8MB block size, that is what started this alternative cryptocurrency that was hard forked off the Bitcoin blockchain back in August.
Smooth Sailing, So Far
The urgent need for this mining change had many developers believing this upgrade would run smoothly and without contention.
Earlier this week in various Bitcoin Cash specific cryptocurrency channels, major mining pool operators expressed their support for these upgrades.
The mining algorithm had been producing wild fluctuations in hash rate and the upgrade aimed at fixing that.
In the blog post specifically outlining this hard fork and its upgraded software, it detailed the current rule as “problematic because it prevents consistently fast confirmations for users, and radically shifts the coin issuance schedule.”
Juan Garavaglia, a developer who coordinated the hard fork, wanted to stamp it as a success, indicating his optimism that all Bitcoin Cash networks will make the upgrade.
If this new software upgrade lasts, it could mean great things for Bitcoin Cash.
The protocols have been strongly advocated as the planned hard fork of the Bitcoin blockchain was suspended last week. Said hard fork, Segwit2x, was geared towards increasing bitcoin’s block size from 1MB to 2MB.
With the suspended upgrade, Bitcoin supporters have been drifting to other alternatives. Starting its bullish climb Friday, Bitcoin Cash rose to a value of almost $2,500 Sunday, a record high.
According to CoinMarketCap, Bitcoin has dropped close to $1,000 in value, now sitting at $6588.37 from its previous record high on November 8th at $7515.68. Bitcoin’s value has not been this low since the end of October.
Chinese tax accountant Yimo Cheng, who mines bitcoin out of his home, claims he hasn’t started to mine Bitcoin Cash due to his concern about its ownership being concentrated among the Chinese buyers.
He believes that bitcoin is currently more “international” but plans on monitoring the two blockchains moving forward.
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