Hash Wars: BCH supporters face a new dawn in the aftermath of the battle

December 20, 2018 Bitcoin

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It's been just over a month since the Bitcoin Cash (BCH) network fork has caused a blockchain division. In addition to the severed chain, the hash war has been damaging to say the least, leaving BCH's supporters to constantly collect the pieces to bring the world a pure peer-to-peer version of e-money.

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A month later

35 days after the fork, Bitcoin Cash supporters are working to overcome the hash war that took place shortly after the planned BCH update on November 15th. Now both networks are operational and the Bitcoin Satoshi's Vision (BSV) coin has its ticker prices and market capitalization quoted on data sites like Coinmarketcap and Satoshi Pulse. A part of the cryptography platforms has now listed BSV as a separate currency and the entire trading ecosystem, payment processors and most of the portfolios have assigned the BCH ticker to the ABC part of the chain. At the time of writing this article, the global average price for BCH is $ 144 after markets rose 47% on December 19th. BSV is up 18% this Tuesday and every currency is currently trading at $ 92 per token.

The trade volume of BCH has increased significantly by over $ 300 million in the last two days and gained 47% today.

From the fork, the hashrate of the BCH network has decreased considerably, even more than the 50 percent loss BTC suffered last month. The average hashes for a large number of coins with the SHA-256 algorithm have undergone profound processing power losses based on global statistics. The Bitcoin Cash hashrate used to command an approximate average of 5 exahash per second (EH / s), but now captures only 1 EH / sa 850 petahash per second (PH / s) on a daily basis throughout the month.

The Bitcoin Cash network has lost a considerable amount of hashrates, since it averaged about 1 exahash per second in the last two weeks. With the price increase in the last two days, it will probably follow the hashrate.

On the positive side, the BCH network was 5-8 percent more profitable for me than BTC in the last two days. In addition, BCH has accumulated a large amount of different data mining pools that are processing BCH blocks on a regular basis. This also includes Viabtc, Btc.com, Antpool, Multipool, Bitcoin.com, Btc.top, Waterhole, Copernicus, P2pool, Ckpool and some other unknown mining entities.

All the mining tanks that process Bitcoin Cash blocks on December 19, 2018.

BCH transactions and volume flattened after the fork, but started to rise again

Another BCH metric that has halved since the November 15 fork is the daily cryptocurrency transaction rate in the last month. Before, cash transactions in bitcoins a day were around 20,000-25,000, while today that number stands at around 9,750 over the last 24 hours. In the last three weeks, the daily BCH transaction rate averaged 10k per day, with some instances of 15k-22k peaks here and there. There has been a steady increase in daily transactions week after week, and with 99 percent of the BCH infrastructure back in order, this should continue.

The daily transactions (tx) have decreased by 50% compared to the fork, but have slowly increased to 20-25,000 tx a day. Today the network has been developed 9,759 transactions confirmed so far.

A good example of this behavior is the increase in the price of BCH and the volume of trade over the past few weeks. BCH pre-fork trading volumes have captured $ 400-900 million global exchanges every day every day. After the fork, this statistic dropped to about $ 50-100 million a day on global trade. This was due to the fact that some cryptocurrency trading platforms with a tonne of bitcoin liquidity liquidity had paused BCH transactions and some exchanges had stopped. Week after week, however, the global trade volume of BCH has steadily increased in exchanges such as Upbit, Binance, Huobi, Lbank and Coinbase Pro. With 40% increase in the last 24 hours, the trading volume of BCH rose to over $ 400 million in global trade on December 19th. At the time of publication, this makes BCH the seventh most traded digital asset of the entire crypto economy.

Bitcoin's money markets regained their fourth highest market capitalization position today, December 19, after climbing more than 40% during the early afternoon trading sessions.

Bitcoin Cash Cash returns to the fourth largest criptovalute capitalization

The Bitcoin Cash community has also suffered from daily battles on the Reddit forum on r / btc and social media platforms such as Twitter. A good portion of trolling and infighting seems to have calmed down, and most BCH supporters are just trying to move on. There have been many developments from the fork, with projects like Electron Cash, Honest Cash, Cash Shuffle and Openswap that add more utility to the BCH network. In addition, BCH enthusiasts eagerly await the upcoming BCH updates that are under discussion and can also monitor code development. For now, BCH's supporters are extremely pleased that the fork is behind them and are thrilled to regain fourth position among all cryptocurrency market capitalizations.

What do you think of the last few weeks for Bitcoin Cash after the fork and the subsequent blockchain split? Let us know what you think of this topic in the comments section below.

Images via Shutterstock, Pixabay, Fork.lol, Satoshi Pulse, Bitinfocharts.com and Coin Dance.

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Hash Wars: BCH supporters face a new dawn in the aftermath of the battle

A month later

BCH transactions and volume flattened after the fork, but started to rise again

Bitcoin Cash Cash returns to the fourth largest criptovalute capitalization

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