Bitcoin Cash network successfully executes first major hard fork

The Bitcoin offshoot adopts new algorithm for adjusting mining difficulty on its network

Bitcoin Cash network successfully executes first major hard fork

Bitcoin Cash (BCH or BCC) yesterday successfully executed a hard fork aimed at improving the network’s difficulty adjustment algorithm (DAA). The change was triggered at block 504,031, which was created at approximately 21:00 GMT. The fork appears to have been positively received by the Bitcoin Cash community, with the majority of the network nodes having transitioned to the new software.

The upgrade introduces a new DAA, which is based on a 144-block moving average, meaning that the difficulty will be adjusted on each block, based on the amount of computing power provided to the network over the previous 144 block. The hope is that this new method will eliminate sudden changes in mining difficulty, which could encourage miners to stay on the BTH network.

The fork follows an eventful weekend for the young cryptocurrency, which experienced huge price spike on Sunday, before pulling back from fresh all-time highs of over $2,000. Also on Sunday, BCH managed to surpass the legacy Bitcoin (BTC) in terms of hashrate support, as some miners switch to the minority blockchain following the suspension of SegWit2x earlier in the week. The BCH dominance lasted only a day, however, as Monday saw BTC regaining its lead in mining support. Data from fork.lol shows that more than 80% of the total mining power currently supports the legacy chain.

In today’s trading, the Bitcoin Cash price stood at $1,331.30, as of 13:22 GMT. The cryptocurrency has gained 15.1% over the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap.

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