In the first day after a planned hard fork of Bitcoin Cash (BCH), the 6th largest crypto network by market capitalization, Bitcoin Cash Node (BCHN) is now the leading chain, beating Bitcoin Cash ABC (BCHA) by a wide margin.
Per coin.dance data, at pixel time (05:23 UTC), the BCHN chain is currently 56 blocks ahead of BCHA - after a hard fork, the longest chain wins. Moreover, the absolute majority of miners directed their computing power towards prominent BCH supporter Roger Ver-led BCHN chain, prompting speculations that the BCH split won't result in a new viable chain.
2) BCHA is currently being mined by just one miner (at a HUGE loss considering the BCH price is 18x higher and the… https://t.co/2K4r4ns0ac— Nikita Zhavoronkov (@nikzh)
BCH trades at USD 246 and is down by 3% in a day and 7.5% in a week. Yesterday major crypto exchange Coinbase announced that they are temporarily pausing BCH sends/receives to/from Coinbase and Coinbase Pro. "We’ll re-enable sends/receives once we’ve determined the upgrade is stable," they added.
As reported, the conflicts that led to the November 2020 BCH hard fork are related to Amaury Séchet’s (a BCH developer) ABC node and the differences in opinion his camp has with the rest of the BCH community.
The Bitcoin ABC camp, led by Séchet, is credited with creating the mining node in BCH, which gathered its own fanbase and solidified bitcoin cash’s place among the top digital currencies in the market. The ABC node is technologically advanced and supports a number of innovative changes, creating the foundational architecture for future improvements.
The BCHN camp, led by Roger Ver, is largely responsible for BCH notoriety or fame within the crypto market due to Ver’s controversial yet somewhat popular persona. The BCHN node, along with the other implementations, are also in favor of technological changes, albeit in a much slower manner.
Due to the differences in opinion relating to how quickly (or if) changes should be made to the Bitcoin Cash code to support technological advancements like Merklix based sharding, adaptive block size, and Mitra, the BCH community is split into opposing camps. _ Learn more: The Bitcoin Cash Hard Fork: Here’s What You Need to Know Bitcoin Cash Faces Increased Selling Pressure Ahead of Hard Fork