Hard forfor Bitcoin Cash took place dividing cryptocurrency into Bitcoin ABC and Bitcoin SV
After the SVPool block 556766 was mined on the evening of November 15, the Bitcoin Cash network was split into two, the mining tokens BCHABC and BCHSV. Proponents of both versions are involved in a heated exchange.
Because of the so-called “ABC and BSV hashrate war” in the crypto-community, hardforka increased tensions the day before. She was also associated with a sharp decline in the rate of Bitcoin and the majority of altcoins on November 14. At nChain, which represents the other side of the fork, they believe that they restore the original vision of Bitcoin and ignore all the evidence to the contrary.
After updating the protocol, the first seven blocks in the Bitcoin ABC blockchain extracted the Bitcoin.com pool and two BTC.com, however Bitcoin SV delayed their adoption and added its first block.
As Roger Ver noted, now the Bitcoin.com pool hash rate is higher than the entire Bitcoin Cash network had during the day.
The https://t.co/6EeRmpfaH7 pool today has more than a BCH network.
Bitcoin is cash for the world! #BitcoinCash #bitcoincashfork pic.twitter.com/n2MqQ5mlfK
– Roger Ver (@rogerkver) November 15, 2018
Chronology of hardforka Bitcoin Cash
19:56 SVPool found a block that received a time stamp after 16:40 UTC. There are 5 blocks left until the last block in the blockchain.
19:58 4 blocks – CoinGeek added a block with 35 transactions. Before hardforkom on the Bitfinex exchange, the Bitcoin Cash rate reached $ 250-280 (in different pairs), on the other exchanges – $ 380 – $ 440.
20:11 3 blocks – SVPool added 73 transactions.
20:24 2 blocks – Bitcoin.com extracted a block with 205 transactions.
20:46 ViaBTC added 952 transactions. Hard fork should occur on the next block.
20:56 According to Coin.dance, hard fork Bitcoin Cash has been activated. The last common block that activated the hard fork code was extracted by SVPool.
Block height: 556766
Log2 (PoW): 87.723
21:04 BlockDozer portal shows a large amount of transactions with low commissions included in the Bitcoin Cash meme-pool.
21:05 Bitcoin.com added the first block in the Bitcoin ABC blockchain. Bitcoin SV block is not accepted.
21:07 A similar situation repeated with the next block.
21:12 The BCHSV course on Poloniex is plummeting, BCHABC is growing.
21:21 Bitcoin SV added his first block. This moment can be officially considered the emergence of a new blockchain.
21:32 The second block after the hard fork is added to the Bitcoin SV blockchain, the third and fourth blockcodes of Bitcoin ABC. The BCHSV course responds positively to these events.
Bitfinex Exchange reported that it has credited BAB and BSV tokens to the accounts of BCH holders. Ticker BCH will not be assigned to any of the chains until the completion of the hard fork.
A similar announcement was made by Poloniex:
“We have completed the conversion of BCH balances to BCHABC and BCHSV. BCH market has been disabled. BCHABC / BTC, BCHSV / BTC, BCHABC / USDC and BCHSV / USDC markets are open.
The BCHABC and BCHSV I / O is still inactive and will remain inactive until the networks stabilize . ”
23:00 At present, the Bitcoin ABC chain, thanks to the computational power of the Bitcoin.com pool, which, according to its CEO Roger Vera, now has more hash rates than the entire blockcoin Bitcoin Cash this morning, continues to lead with confidence Bitcoin SV is three blocks behind, not to mention its ability to launch a successful attack on a competing blockchain.
As noted by Trustnodes , in the present-day tweet of the founder of the mining pool BTC.TOP Jiang Zhuoer said that the attempt to carry out the attack was indeed, however, the block obtained by its organizers was not accepted by the network.
A Brief History of Bitcoin Cash
Recall that Bitcoin Cash separated from Bitcoin on August 1, 2017, while all Bitcoin holders automatically became owners of this Altcoin with a maximum block size of up to 8 megabytes.
In May of this year, as a result of the new hardfork, the block size was increased to 32 MB . However, further controversy and the idea of a network split caused an update of the Bitcoin ABC client version in August, ambiguously perceived in the Bitcoin Cash community.
Craig Wright proposed to increase the block size to 128 MB, Roger Verus took a conservative position – a conflict was formed. We will monitor the situation and inform you about the most important details of the confrontation between the two forks of Bitcoin .