The Bitcoin Cash Network, a hard fork of the largest network Bitcoin, has yet again split into two new Blockchains.
Out of the total hash rate, Bitcoin accounts for the majority at 98.1% while Bitcoin Cash has a share of 1.2%, and a mere 0.7% goes to mine Bitcoin SV, which was the result of the hard fork from Bitcoin Cash in Nov. 2018.
During this upgrade, Bitcoin Cash ABC (BCH ABC) received no hash power making it possible for Bitcoin Cash Node (BCHN) to become the dominant software of the Bitcoin Cash network.
BitMEX’s research arm said there are no two chains because BCHN produced three blocks after the split, and not a single one was produced by BCHA.
But Bitcoin ABC took to Twitter to share that Bitcoin Cash blockchain has split into two chains, and now there are two separate coins called BCHA and BCHN. As such, people who owned Bitcoin Cash before the split now own both of those coins.
During the #BitcoinCash network upgrade, which is now complete, a chain split occurred resulting in two chains: BCHA and BCHN.
BCHA is focused on building sound global money by rewarding the technical talent that makes it happen. Sign up to find out more: https://t.co/djqtsBrHli
— Bitcoin ABC (@Bitcoin_ABC) November 15, 2020
All of this has been because Bitcoin Cash went through a hard fork on Nov. 15 at 12:00 UTC, which has been contentious.
It is a regular thing for the Bitcoin Cash network, which undergoes an upgrade every six months. If the community is unable to meet consensus, the chain splits, which is what happened when BSV came into existence and exactly what’s happening this time as well.
This time, the upgrade also included a controversial new “Coinbase Rule,” which requires 8% of mined Bitcoin Cash to be redistributed to Bitcoin ABC to fund protocol development.
This was opposed by another group who removed this “miner-tax” from their source code.
With the last common block between the BCHN & BCHA networks now mined by Antpool, the chains have split at height: 661,647.
The BCHN chain is currently 123 blocks ahead.
Even before the fork, 80% of the miners supported it, and some major crypto exchanges also announced support for BCHN.
With hash power in BCHN’s favor, if BCH ABC doesn’t attract enough hash power, the blockchain may just disappear.