Bitcoin Cash (BCH) Prepares for Planned Hard Fork
The BCH hashrate is growing, ahead of another planned hard fork for this November 15.
The new hard fork arrives at the anniversary of a contentious update on November 15, 2018. On that date, miners split off and branched into a new chain, which competed with the BCH ABC version. This led to a split of two new assets, of which one kept the BCH ticker, and the other became Bitcoin SV (BSV). The 11 days of competitive mining led to a change in tickers that erased 50% of the value of BCH.
This time, the fork has not raised controversy, and it is a relatively minor event. Even the market price of BCH has remained stagnant, at $285.56, without even a hint of a rally. Hard forks no longer create hype in themselves.
The only effect of the fork were the exchanges that suspended deposits and withdrawals for a short time period until the network showed stability.
Currently, the BCH network is also going through a mining anomaly, where block discovery is accelerated. With the hashrate slightly higher at 2.7 EH/s, the network may be working at a favorable difficulty. Unlike BTC, the BCH network has an emergency difficulty adjustment, and has the chance to react to temporary changes in mining power.
The reason for this is that the low hashrate for BCH may invite BTC miners to switch over and “strip-mine” the network from its block rewards.
The accelerated mining may also bring the halving of the reward much earlier, on April 8, 2020. For BTC, the halving will arrive more than a month later, on May 15 based on current block schedule.
Currently, BSV miners are also ahead of schedule with 20,000 coins more than BTC. BCH has about 50,000 more coins produced.