In today’s cryptocurrency news, we have the altcoin Bitcoin Cash (BCH) in the focus because of its recent fork which split the fourth largest cryptocurrency by market cap into at least two competing versions.
The versions are called after their primary software clients, Bitcoin ABC (BCHABC) and Bitcoin SV (BCHSV). What started as a network upgrade after 18:00 UTC today continued with the BCHABC and BCHSV chains being diverged at block 556767.
According to the BCHABC rules, bitcoin.com mined the first two blocks, both of which SV nodes marked as invalid, while BCHSV had to mine its first divergent block after that. As the hard fork proceeded, BCHABC maintained a significant edge according to its economic and community support metrics.
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BCHSV, on the other hand, whose primary backers are Craig S. Wright and Calvin Ayre, amassed the dominant hash rate which controls about 75% of all BCH mining power in the minutes before the fork.
The ‘war’ between the two newly forked coins has just started and SV supporters openly declared that they will use the superior hash power to attack BCHABC, mining empty blocks and reorganizing its blockchain until the supporters capitulate and the economic majority moves to SV.
Stay tuned for more news about the hard fork – and to see how everything will play out for BCHSV and BCHABC!
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