- The highly-anticipated Bitcoin Cash hard fork finally dawned on November 15.
- The dominating chain is BCHN, while Bitcoin ABC does not have enough miners to support its network.
- Bitcoin Cash has a long history of hard forks.
The highly-anticipated Bitcoin Cash hard fork finally dawned on November 15, in accordance to the community’s schedule. In fact, the hard fork came shortly after 12:00 PM (UTC).
With this, the Bitcoin Cash community urges all nodes to upgrade their software to continue mining BCH on the right blockchain. At the moment, BTC.top contributes 43.31% of the network’s hashing power, followed by ViaBTC at 17.32%.
The Bitcoin Cash blockchain upgrades its system roughly every 6 months, so this software upgrade was supposed to be just an ordinary upgrade. Which it isn’t.
This time, the community will decide whether to implement the new difficulty adjustment algorithm (DDA) called aserti3-2d (ASERT for short). What is more, Bitcoin Cash developers would get 8% of each newly-mined BCH to support continuous development. Bitcoin Cash ABC suggested the latter as part of its Infrastructure Funding Plan (IFP).
On the other hand, other members of the community — named BCHN — did not agree with the proposal. Hence, they decided to create a split chain. As the chart above shows, BCHN is dominating the network; while Bitcoin Cash ABC has yet to find miners who will support its chain.
Meanwhile, more crypto exchanges expressed support for BCHN, and that they will award the BCH ticket to the latter’s version of Bitcoin Cash.
Bitcoin Cash has a long history of hard forks. It previously forked off from Bitcoin a couple of years ago. In 2018, the Bitcoin Cash community did not agree on certain policies again, and this led to the creation of Bitcoin SV.