Effects Of Bitcoin Cash Hard Fork
November 16, 2020 / news
Against the background of the implemented update, the cryptocurrency rate went down.
On November 15 a hard fork took place in the network of one of the most capitalized cryptocurrencies – Bitcoin Cash. As a result of the event, the blockchain of the asset was split into two chains BCHN and BCHABC. Information about this appeared on the project’s Twiter.
— Bitcoin Cash (@bch_pls) November 15, 2020
According to the community, the client of the cryptocurrency – Bitcoin Cash ABC – has not enlisted the support of users.
After the hard fork, the BCHN chain, which was supported by the majority, came out ahead in terms of the number of mined blocks.
As a result, BCHABC hashrate indicators went down. BCHN hashrate, after a slight increase, also showed negative dynamics. Therefore, before the hard fork, Bitcoin’s indicator was 1.74 EH / s. At the press-time, BCHN and BCHABC hash rates are at 0.87 EH/s and 0.09 EH/s, respectively.
- According to CoinMarketCap, Bitcoin Cash rate fell by 2.99% over the day, and by 8.50% over the week. At the press-time, BCHN supports 84.5 nodes, 15.8 have not announced a preference according to CoinDance. At the same time, BCHAB has no supporters.
- Also, against the background of the implemented hard fork, the valuation of the BCH fund of the investment company Grayscale decreased by $ 1.6 million.
Bitcoin Cash developers wanted to solve the problem of a long delay in the formation of new blocks in the cryptocurrency network with the help of the hard fork announced in August 2020.