The Bitcoin Cash hardfork was held, as planned, on Monday, November 13, at block 504031, however, this event occurred a few hours after the previously announced time.
— Bitcoin Cash (@BITCOlNCASH) 13 ноября 2017 г.
This fork is aimed at improving the existing complexity algorithm and assumes, among other things, a predictable time for confirming transactions on the network. According to the idea of the developers, this parameter will be 10 minutes.
In addition, new features should help to avoid sudden changes in complexity with a relatively stable hash and perform a quick recalculation of the complexity with its rapid change. It is also expected that after the fork, the Bcash network will become resistant to certain attacks, for example, by manipulating timestamps.
It should be noted that by the moment of fork the profitability of BTC mining was 3 times higher than the similar indicator of BCH. This index is calculated on the basis of such factors as the amount of commissions, the market rate and the complexity of mining. At the moment of press this index reduced to 1.26.
On the eve of today's event, the price of Bitcoin Cash, having demonstrated unparalleled growth over the weekend, updated the historic high ($ 2477.65 on Coinmarketcap).
Bitcoin Cash price chart
This was followed by an equally impressive fall: at some point on Monday the price of the coin fell to $ 1043. By the time of the fork, the BCH rate had risen to $ 1,436. At the moment of press, average BCH price is $1254.69.