Bitcoin Cash was launched on August 1, 2017 as a protest against Bitcoin Core’s Segwit implementation. He chose to increase the block size from 1MB to 8MB, claiming that Bitcoin is just a commodity, while Bitcoin Cash is electronic cash; This resulted in the split of the bitcoin blockchain, or from another point of view, two separate blockchains.
The split started with the 1.9 MB block mined by Via BTC. However, for a time, Bitcoin Cash blockchain sizes were smaller than bitcoin blockchain sizes.
Bitclup Network Mining 8MB Bitcoin Cash Block
In the morning of August 16, With over 80,000 fraudulent transfer requests, the Bitcoin Cash blockchain appeared to have been hacked.
Bitcoin Cash
In a short time, the BitClub Network found an 8MB block that caused 37,814 transactions to be deleted. A few hours later, an unknown miner found a 4MB block. At this rate, two more 4MB blocks followed, followed by a 4.8MB block.
In a short time, miners cleared 80,000 transaction histories and block sizes returned to normal.. To illustrate, the Bitcoin network currently has approximately 58,000 unconfirmed transactions.
ad:
Bitcoin Cash Network Statistics
91% of resolved 8 MB Bitcoin Cash block are unknown miners, Via BTC 5.41%, Bit Club 3.08%, Bitcoin.com 0.42%, Suprnova 0%
Bitcoin blocks, on the other hand, are much more evenly distributed. Antpool found only 18% of all blocks from most mining pools last week.
Another problem is that Bitcoin Cash mining is much less profitable than Bitcoin mining.. In today’s conditions, Bitcoin is 81% more profitable than Bitcoin Cash, but due to the low difficulty level of Bitcoin Cash today, miners may prefer to mine Bitcoin Cash, because it is thought that the profitability of Bitcoin Cash will increase as the blocks will become harder in the future.
cryptocoins
Sinan Dundogan
Crypto Money News / Founder
Cryptocurrency Researcher