Despite Naysayers the Bitcoin Cash Blockchain Chugs Forward
Over the course of the past twelve hours, the Bitcoin Cash (BCH) blockchain has been chugging along as miners have processed a total of 37 blocks so far. Further, the network is operating at 26% of the original chain’s difficulty as mining has become much easier on the BCH chain.
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The Bitcoin Cash Chain Chugs On With 37 Blocks Mined So Far and Difficulty Much Lower Than the Legacy Chain
The Bitcoin Cash blockchain is still alive, and mining newly minted BCH tokens has become a whole lot easier. At press time three mining pools are participating in finding and confirming blocks on the BCH chain which include Viabtc, pool.bitcoin.com, and an unknown miner. It seems the miner from Hong Kong is not participating anymore or he’s decided not to advertise on the blocks’ corresponding coinbase data. So far approximately 37 blocks have been found by mining pools, and the BCH network is 274 blocks behind the legacy chain.
Blocks Begin Moving Along Much Faster With One Unknown Miner Capturing the Lion’s Share of Bitcoin Cash Hashrate
Block 478577 activated the last adjustment to 26 percent of BTC’s difficulty and many of the BCH blocks have been varying in size from under 1MB, 2MB+, and a 4.6MB block. The BCH chain’s genesis block mined by Viabtc contained over 6,000 transactions. Out of the three pools participating right now, the unknown miner has captured two-thirds of the entire network hashrate and blocks found. Pool.bitcoin.com and Viabtc are capturing the remaining hashpower.
At press time blocks mined are averaging 25 minutes between each other which is far faster than August 2nd’s BCH block times. Yesterday a lot of naysayers believed the chain would not overcome the initial difficulty as the first block of August 2nd took 12 hours to complete. However, Bitcoin Cash is now moving along like “The Lil’ Engine That Could.”
BCH Markets Down 40% Over the Last 24-Hours
Right now BCH markets are dipping in value pretty significantly, and roughly half of Bitcoin Cash markets are being traded in fiat with the other half captured by BTC trades. So far there are not that many exchanges taking BCH deposits, and many wallets still haven’t provided a splitting tool for users. This has made the currency’s $6B market thinner than most cryptocurrency trading markets, which can be seen with the tokens volatile price swings.
At the time of writing one BCH is averaging around $385-430 depending on the exchange used, and has $325M worth of daily trade volume. Meanwhile, BTC markets have been up about 2-3% on August 3 reaching a high of $2745 across global exchanges.
What do you think about Bitcoin Cash’s current performance on its third day of life? Let us know what you think in the comments below.
Images via Shutterstock, Coin Dance, and Kraken.
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