With one iteration from the bitcoin cash protocol known as Bitcoin “Satoshi’s Vision,” or Bitcoin SV, directly opposing the upgrades introduced with the project’s lengthy-dominant Bitcoin ABC implementation, the blockchain forked into two distinct systems, with two separate cryptocurrencies.
Even though a so-known as “hash war” have been greatly anticipated, for the time being – a minimum of – the 2 chains are continuously mining blocks on their own particular systems. At press time, threats of mix-chain sabotage hinted at by Bitcoin SV proponents haven’t yet materialize, nor has any retaliation in the ABC camp.
Initially, the Bitcoin ABC network was the only real bitcoin cash platform to effectively create new blocks and validate transactions following the system upgrade (or hard fork) went live. Two blocks in, however, the Bitcoin SV network saw its first block found at 18:29 UTC.
Mining pool Mempool found the very first block of Bitcoin SV, with SVPool and Coingeek mining subsequent blocks. Mining pools Bitcoin.com, BTC.com and Antpool have controlled the ABC action up to now. Right now, Bitcoin ABC is 10 blocks in front of Bitcoin SV, based on data published by Gold coin Dance.
So far, most blocks found around the Bitcoin ABC network have featured over 1,000 transactions, though beginning at 20:48 UTC a substantial stop by both block size and transaction count was documented on blockchain explorer site Blockchair.
A couple of hrs before hard fork activation, mining pools purporting to aid the Bitcoin SV roadmap controlled a supermajority from the bitcoin cash network. However, based on bitcoin cash monitoring site CoinDance, Bitcoin ABC has become leading when it comes to total hash power support.
One particular example that received high attention during the period of today’s occasions was mining pool Bitcoin.com, which released a comment to users saying all hash power entering mining the bitcoin blockchain could be temporarily deployed to mine Bitcoin ABC blocks.
Though this announcement received negative feedback from individuals who claimed the business didn’t have right to redirect mining support in this manner, data on the website signifies that beginning at 17:30 UTC the mining pool has continuously been reallocating hash power meant for the Bitcoin ABC blockchain.
Actually, by press time, bitcoin.com purports that as many as 4218.89 Ph/of hash power has been accustomed to mine blocks around the Bitcoin ABC network only one day prior that figure sitting at roughly 240.00 Ph/s.
As may be expected, the presence of two bitcoin cash chains leaves many questions, mainly regarding what’s going to transpire dads and moms which come – and whether one chain ultimately gives method to another.
There is also a celebration Thursday that left lingering questions: as proven by blockchain explorer BlockDozer, a significant spike in activity happened in a few minutes from the chain split.Taken by CoinDesk at 18:11 UTC, the above mentioned GIF captures transactions being posted towards the network in tangible-time on Blockdozer.
Who caused this spike in transaction activity – as well as for what purpose – remains unknown at the moment, though the opportunity of another junk e-mail attack in efforts to overload either network is definitely an ongoing possibility.
In addition to this, wild fluctuations in bitcoin cash cost were also seen during the day across different cryptocurrency exchanges.
Based on ongoing hash power support and implementation of either software upgrade from users, prices could still see swings – but because of the uniqueness from the scenario, it’s hard to say at the moment.
Based on figures on crypto exchange Poloniex, the comparative value believed of both bitcoin cash cryptocurrencies is presently about $94 for Bitcoin SV and $285 for Bitcoin ABC.