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Bitcoin Cash

Bitcoin Cash: New coin BCHA trades at $20, struggling for survival

  • Bitcoin Cash ABC (BCHA) is currently traded on Binance, Gate.io, Poloniex and Bitfinex at a price of approximately $20.
  • Due to the low hash rate, the viability of the blockchain is still questionable. BCHA has already released a new update with V 0.22.7

After the Bitcoin Cash Hard Fork took place on Sunday and a clear winner, i.e. the camp around Roger Ver and Bitcoin Cash Node (BCHN), was brought out. With this, at least the controversy about the name “Bitcoin Cash” and the ticker symbol “BCH” was clarified, however Bitcoin Cash ABC continues to fight for a viable blockchain. With Binance, Gate.io, Poloniex and Bitfinex, Bitcoin Cash ABC (BCHA) is available on at least a few well-known exchanges and has already been distributed to these exchange users.

BCHA started trading at USD 11.78 according to CoinMarketCap. Subsequently, the coin recorded considerable trading volume, rising to USD 22.91 before settling in the USD 19 to 21 range. However, despite the rising BCHA price, there are also rumors of an imminent demise of Bitcoin Cash ABC.

The reason for this is the low hash power that the network has been able to gain so far. As the data by Coindance shows, the Bitcoin Cash (BCHN) network has now almost reached the hash rate level it had before the hard fork. In contrast, the BCHA is bobbing around at an extremely low level. This is also reflected in the fact that at the time of writing, 384 blocks have been mined under the new consensus rules and the BCHN blockchain was 371 blocks ahead.

bitcoin cash hard fork

Source: https://cash.coin.dance/

This is worrying for users of Bitcoin Cash ABC in that only a handful of blocks of miners have been included in the BCHA blockchain since November 15. This is due to the current imbalance between a too high mining difficulty and the lack of hash rate. As a result, too few blocks are being found while no improvement is in sight until the next difficulty adjustment.

The last two blocks were mined at the time of writing (8:00 UTC) on November 17 at 21:21 and on November 18 at 02:14 UTC. No block has been created for more than 6 hours, which is not uncommon since the start. Accordingly, the number of transactions that have to be included in a block are correspondingly large. The most recent BCHA block contained 17,902 transactions, and the previous block contained 14,047 transactions, a significant increase from the 1,674 in the previous block.

Contrary to expectations, there is currently at least no drama or “hash war” like with previous forks. Thus, the chief developer of Bitcoin ABC, Amaury Séchet, recognized the will of the community and the probability of a defeat already before the fork on 12 November. In this sense, he also transferred the domain bitcoincash.org to parties belonging to the Bitcoin Cash node group.

In addition, Séchet had also stated beforehand that the network would support both the BCHA and BCHN implementations in order to serve companies that had accepted the coin as a means of payment. Currently, Séchet seems to continue to fight for BCHA. A few hours ago, he released a new version of BCHA, V 0.22.7.

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