As ABC's New Chain Is Off To A Rocky Start There Are Slow And Empty Blocks Coming With A Mysterious Message
Watch how Bitcoin Cash is being split. Why are the miners remaining nameless? All the answers to the above questions are here.
When Bitcoin Cash Is Being Split
In the current scenario as it is Bitcoin Cash blockchain thereby experiencing a network upgrade and also bifurcation of the chain as well on November 15, 2020. The ABC pro infrastructure funding plan side of the chain had a rocky and extremely slow start while the Bitcoin Cash network continued smoothly. The nameless ABC chain has seen 197 blocks processed to date, as a few miners are now pointing hashrate at the network thereby keeping the new blockchain going, since the 15th.
When the full node project Bitcoin ABC decided to keep the IFP baked into the code, just recently Bitcoin Cash endured a network upgrade and a consensus split. Miners and major business operations began switching over to the non-IFP node BCHN and other full node implementations are the IFP which was very contentious and during the months leading up to the fork.
Mined by Binance, the last Bitcoin Cash common block on November 15, 2020, was at block height 661,647. As two distinct blocks were mined, after that point at approximately 12:33 p.m. EST, thereby the ABC pro-IFP side has continued as its own chain. At this point in time that afternoon, Bitcoin Cash was 20 blocks ahead of the ABC chain.
What Are Miners Doing?
As miners have dedicated a diminutive amount of SHA256 hashrate to the alternative network, as of today, the ABC chain has processed 197 blocks. While BCH has 1.93 EH/s dedicated to the Bitcoin Cash chain, Coin Dance statistics show the ABC airdrop coin has roughly 0.13 EH/s.
BCH miners have found 1093 blocks under the new consensus rules, while ABC’s side found 197 blocks. The ABC chain otherwise known as BAB has three known mining pools pointing hash rate at the chain at the time of publication. Alongside a much larger hashrate of stealth miners, Viabtc, BCHA Pro, and Mining-Dutch are mining the coin.
Being mined by an unknown group of miners is more than 79% of the ABC airdrop’s network. The unknown hashrate has been mining consecutive empty blocks during the last 24 hours. That once said Nov 25th, 2020, the empty ABC chain blocks also had a coinbase parameter message. In recent hours, although that coinbase message has changed.
Tweeting that the BAB chain was at extreme risk of a blockchain reorganisation, was Bitcoin Cash proponent Javier Gonzalez on Sunday. As Gonzalez then wrote, including this message is the BAB empty blocks: >Nov 25th, 2020: bcha dump |voluntarism.dev:6174 u/p: x/x,’
What Are Exchanges Witnessing?
As no one knows what to expect, a great number of people are speculating on something happening on November 25th. BCHA was trading for $21 in the USDT per coin and on Sunday, the token is found to be swapping for $18.93 per unit on Coinex, as yesterday during the market run-up. The token’s overall market cap would be around $350 million if prices were to hover around $18.93 per BAB coin. In terms of market cap, this estimated market valuation would place the nameless ABC chain’s token at the 47th position.
Having been posting threads on how to split coins are meanwhile a number of crypto enthusiasts. Publishing a video on thereby how to split tokens in an easy fashion by leveraging the Coinex exchange was Bitcoinbch.com’s CEO, Hayden Otto. ABC chain confirmation times can be a very long wait however because the unknown miner has been mining empty blocks and the blockchain is much slower than other networks.
The Bitcoin ABC official Twitter account tweeted about the new chain furthermore on November 20, 2020. Coming soon as the team explained was an official brand launch.
As the ABC team thereby disclosed in a blog post, BCHA is soon to be branded with an official coin name, logo, and ticker. To make them aware, when it launches, they will reach out to exchanges and other businesses directly to make them aware. ABC developers have then casually addressed the concern by simply stating that it can be tricky when it comes to splitting the coins, and so take care as unfortunately, the nameless chain has no replay protection.
Finally, As We Conclude The Discussion
There are more to be considered when it is all about the way the Bitcoin Cash is being bifurcated. Very well into the split, exchanges are being viewed as considering the coin and its possible developers even as miners remain nameless. Until next time its goodbye from us. Adios, Amigos.