Bitcoin Cash (BCH) announced another upcoming hard fork with a May 15 deadline, to unroll the Bitcoin ABC 0.17.0 version. The most notable change is the increase in block size to 32 MB. The large blocks solution is what the Bitcoin Cash project offers as a scaling solution. This is the second hard fork for the project after an update last fall to fix problems with estimating mining difficulty.
The community sees the development as favorable, an indication that the project is not stalled and remains highly promising:
Users, exchanges, wallets, and other participants in the ecosystem have to update to the new software, which is available, until the May 15 deadline. At the moment, a testnet with the new consensus rules is available.
The Bitcoin Cash project suffered bad publicity and for now has failed to recover, with a price of around $676.78. For months, BCH has steadied at around 0.1 BTC, and the project has given up on displacing Bitcoin in terms of market dominance, while concentrating efforts on becoming a coin for everyday payments.
The mining situation for BCH has also stabilized, with a new difficulty setting rule which prevents large fluctuations and keeps miners on the project with more stability. However, in the past months, mining BCH has been slightly less profitable in most cases. The three biggest miners on the project are Bitcoin.com, BTC.com, and ViaBTC, with the share of Antpool slightly lower.
The other big advantage for BCH, low network fees, has also been wiped out. It turned out that the Bitcoin network overload was a temporary event, and at the moment fees for both networks are almost equal.
But despite the updates and developments, the digital asset will have a long way to go to establish itself further, and continues to see a critical attitude. At the same time, the Bitcoin Cash community has remained critical of Bitcoin Core for its conservative approach, mostly for the refusal to use large blocks.