Bitcoin Cash Network hardfork implemented

Own Bitcoin Cash hardfork will not release new tokens; it is aimed to provide a new complexity recalculation algorithm
14 November 2017   1448

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.

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.

Mining profitability
Mining profitability

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
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.

Two Mining Pools to Gain 50% of the BCH Hashrate

Media reports that Coingeek and BMG Pool are affilated with odious Australian entrepreneur Craig Wright
18 September 2018   114

The centralization of Bitcoin Cash mining has reached a new level after only two pools - Coingeek and BMG Pool - have established control over more than 50% of the total network hash. This is reported by Trustnodes.

Bitcoin Cash Mining Pools
Bitcoin Cash Mining Pools

Earlier today, there were also reports that at some points the aggregate capacity of both pools reached 58%.

While BMG Pool directly belongs to the odious Australian entrepreneur Craig Wright, the no less scandalous Calvin Ayre, who maintains close ties with Wright, is considered the nominal owner of Coingeek.

The current situation, the media believes, does not exclude the possibility of collusion of the 51% attack on the network. In particular, in this case there is a probability of double spend of coins, which, accordingly, will force the exchange to increase the number of required transaction confirmations.

At the same time, the current situation is likely to be a demonstration of power by Craig Wright on the eve of the November upgrade of the network. As a result of disagreements between different groups of developers, it is still possible that Bitcoin Cash, which at one time split from bitcoin, will itself be split into two separate chains.

Note that the Bitcoin Cash hashrate on the whole continues to remain at a fairly low level, accounting for less than 8% of the bitcoin.