Business 20 September 2017Jasmine Solana
Bitcoin Cash forges ahead with over 8,000 blocks processed after fork
It’s been seven weeks since the blockchain split, and the Bitcoin Cash network is growing stronger as the days continue with more supporters and infrastructure built around the protocol.
The Bitcoin Cash cryptocurrency and network was the product of the hard fork event last August 1, when a group of miners—who have lost confidence in the SegWit2X proposal—decided to take the matters into their own hands and split off from the main Bitcoin blockchain.
And Bitcoin Cash has been forging ahead since then.
At the time of writing, over 8,000 blocks have been processed since the blockchain split, and the Bitcoin Cash chain is 1,200 blocks ahead of the legacy chain. It is currently 13.5 percent more profitable to mine BTC, but profit parity has been close and consistent for the past two weeks.
There are five known mining pools processing Bitcoin Cash blocks at the moment, including pool.Bitcoin.com, Viabtc, Antpool and BTC.top. Three unknown pools are allegedly mining an estimated 63 percent of the last 144 blocks.
The Bitcoin Cash cryptocurrency is currently trading at $477, according to CoinMarketCap data, while Bitcoin is holding at $3,900 level.
Despite being a new coin in the market, Bitcoin Cash has been receiving support from members of the community, particularly those who have been pushing for a blocksize increase. Early Bitcoin investor Roger Ver is a Bitcoin Cash fan himself as he believes it is “much more in line with the original version of Bitcoin.”
In an interview with Bloomberg TV, Ver said he has “slowly been moving” some of his funds into Bitcoin Cash, especially since it is likely that Bitcoin will splinter off again in November.
“There’s probably going to be another split between the Bitcoin legacy and Segwit2x version of bitcoin, but from my point of view that just gives me more coins that I can sell for the Bitcoin Cash version,” Ver said.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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