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There are 21 days to go until the Bitcoin Cash (BCH) update and there is a possibility that the blockchain could fork on November 15th. On Sunday, October 25, statistics show that 731 of the last 1,000 blocks were mined using BCHN full node software.
Bitcoin Cash backers are patiently waiting for the next BCH update which is about three weeks away. News.Bitcoin.com reported on Sept. 1 that due to the controversial Infrastructure Funding Proposal added to the Bitcoin ABC code base, the network could split.
23 days later, our editorial team explained that around 61% of the blocks extracted were BCHN. Fast forward to Sunday 25th October, as BCH supporters noticed that BCHN’s percentage has increased.
Currently, according to statistics from the Coin Dance web portal, 73% or 731 blocks out of 1,000 have been mined using BCHN. The vast majority of prominent miners are reporting BCHN in the coinbase message parameters after finding a BCH block.
The historical summary of Bitcoin Cash blocks on the Coin Dance web portal shows 24-hour stats at 73.6% at the time of publication.
Since our editorial team’s hash watch report in late September, there have been a couple of announcements from the exchanges. On October 23, the popular Korean exchange Bithumb released contingency plans for the fork.
According to a rough translation of the statement, if there is an “airdrop” and a “new chain”, “Bithumb will support it after ensuring stability”.
Furthermore, the Poloniex trading platform has revealed BCH futures markets for the next fork.
Poloniex has two markets paired against USDT which include the BCHA market for ABC and a BCHN / USDT market for BCHN. Poloniex markets for BCHN are priced at $ 298 per coin, while the last trade for BCHA was around $ 45.
In the other two futures markets for this fork on Coinex and Coinflex, the stats are relatively the same. Bitcoin ABC futures are trading for $ 32 on Coinflex and Coinex ABC swaps for $ 33.
Supporters of BCH should be reminded that not all exchanges will support the new chain. For example, in 2018, some people who left funds on the stock exchange either didn’t get their bitcoins (BSV) or had to wait a terribly long time.
It is a good idea to make sure that the exchange will support the upcoming Bitcoin Cash (BCH) fork and if the trading platform does not, clients should switch to a non-custodial solution or another exchange that will support a split.
Users who have access to their BCH private keys in a non-custodial way will be able to split funds through a tool that manages the split process.
During the next three weeks, users can monitor the Coin Dance web portal for block data and update information. Additionally, news.Bitcoin.com will track the latest infrastructure providers such as exchanges and wallet services that reveal contingency plans.
Traditionally, most crypto service providers disclose contingency plans two weeks prior to the event or sometimes build on previous statements of previous forks.
What do you think of the upcoming Bitcoin Cash update and the possibility of a chain split? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Coin Dance, Poloniex, Coinex, Coinflex,
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, nor a recommendation or endorsement of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.
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