Hardfork took place on Bitcoin Cash blockchain network

  • This is the second hard fork in Bitcoin Cash history

  • Both projects agree on the new mining algorithm, but differ in the proposal to charge commissions from miners

  • Bitcoin Cash ideologist Roger Ver calls the collection of fees from mined blocks “a Soviet-style dream”

Hardfork took place on Bitcoin Cash blockchain

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The long-awaited hard fork successfully took place on the Bitcoin Cash blockchain network, creating two independent cryptocurrency coins at once

Update. Initially, the article announced the launch of the hard fork at 15:00 Moscow time. The actual split of the Bitcoin Cash network happened with a delay of two hours and took place ~ at 17:00 Moscow time. BeInCrypto editors apologize for incorrect time indication.

The Bitcoin Cash network successfully forked on November 15th. This is the second fork In the cryptocurrency world, a fork is, in fact, a change in the blockchain protocol. Since cryptocurrencies operate on decentralized networks, all sides …

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More in Bitcoin Cash history. Exactly two years ago, on November 15, as a result of the network split, a new Bitcoin SV coin appeared, which now occupies the 11th line in the cryptocurrency rating. This time, the current chain split into BCHN and BCHABC. At the time of this writing, the hashrate of the BCHN network is 83%, while BCH ABC failed to gain even 1%.

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According to blockchain reporter Colin Wu, the fork occurred with the generation of block 661 648. Currently, the BCHN chain has already mined the first block, and BCHA is still in the process of generation. The total computing power of the BCHA chain remains very low (0.2% of BCHN).

“You have to wait until the new DAA algorithm automatically adjusts the difficulty in about a week before the miners‘ power appears and wallets can receive the reward,” Wu wrote..

Despite the fact that both Bitcoin Cash implementations are in solidarity with the new mining algorithm, BCH ABC supporters want a part of the reward for each block mined by miners (about 8%) to be distributed between the development team.

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BCHN supporters do not share this initiative, citing lack of transparency in the distribution of commission funds. The main ideologist of Bitcoin Cash, Roger Ver, believes that charging fees from mined blocks is “the real dream of Soviet-style centralized providers.” The price of BCH / USDT at the time of writing is $ 247.

Recall that the cryptocurrency exchanges Binance and Kraken announced in advance the support of two coins at once, resulting from the division of the chain. At the same time, Trezor refused to support BCHN coins by default.

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