Bitcoin fork commences, first BCC block yet to be created

The split of the bitcoin blockchain has started, as earlier today a group of miners began using different software in order to create a new cryptocoin called bitcoin cash (BCC), Coindesk has reported.

According to data from BTCForkMonitor.info, the split started at around 12:37 UTC, when the blockchain reached block 478,558. However, in order for the fork to be completed, bitcoin cash need to generate a block, whose size is greater than 1 MB, and this hasn’t happened yet. According to some observers, the process could take several hours or more to complete.

The so called User Activated Hard Fork is seeking to solve bitcoin’s scaling problem by increasing the block size to 8 MB. The solution been supported by some miners, but it seems that the vast majority of miners are in favour of an alternative solution called SegWit2x. That’s why the fork has been perceived as a minor event that’s unlikely to have much of an impact on the original cryptocurrency. In fact, the split was mostly seen as a benefit, since it allows bitcoin owners to double their coins by claiming BCC tokens for free.

Still, the bitcoin price has taken a tumble in the afternoon session, after reaching an intraday high of just over $2,925 earlier today. As of 16:24 BST, the cryptocurrency is trading at $2,727.75, down 5.1 percent from the same time yesterday, according to Coindesk.

At the same time, futures for bitcoin cash have jumped nearly 25 percent over the past 24 hours to $346.98, according to data from Coinmarketcap.