14.04.2021

Bitcoin Cash Hard Fork Completed as First Invalid Block Detected

The block was mined by the BTC.com pool at 13:44 UTC, with a block-size of 0.2MB, and contained 651 transactions. Older versions of Bitcoin ABC will now either remain stuck or follow a different chain.

The planned hard fork of the Bitcoin Cash network has been completed, as the first block considered invalid by the older client version was noted by BitMEX Research in a tweet on Nov. 15.

Fork Monitor detected that the block at height 609,136 was considered invalid by the Bitcoin ABC 0.19.0 client. The block was accepted by Bitcoin ABC 0.20.6, confirming that the hard fork had completed as planned.

Simple consensus changes, but difficulty adjustment issues not addressed

As Cointelegraph previously reported, the hard fork imposed relatively simple consensus changes and was not expected to split the chain.

However, more worrying for some in the Bitcoin Cash community was the fact that the contentious Difficulty Adjustment Algorithm was not addressed. This updates the difficulty of every BCH block, based on a moving window of the last 144 blocks, or approximately 24 hours worth.

There are concerns that some miners are gaming the algorithm in order to get an advantage, with curious fluctuations in hash-rate, and volatile difficulty.

Bitcoin News Summary – April 8, 2019

Here’s what happened this week in Bitcoin in 99 seconds.

Professional crypto traders suggested that this week’s dramatic price rise was a result of a major short squeeze in a low liquidity environment. A major Bitcoin buy order was split between at least three major exchanges, and the resulting upwards price pressure led to $500 million in desperate short-covering occurring within an hour on BitMEX.

As usually happens when Bitcoin price news is trending, search volume is exploding. Google Trends reveal that search interest for the keyword “Bitcoin” is at its highest level since last November. Meanwhile, China’s major search engine, Baidu, reported that “Bitcoin” was its fastest-rising search term.

The US Security and Exchange Commission released regulatory guidance to help clarify which crypto offerings constitute a security, and thus fall under existing securities laws. Although the ICO mania has ended, any project issuing tokens to US citizens should now have much greater regulatory clarity.

And finally, the World Economic Forum issued a report that over 40 central banks are exploring blockchain technology, some with a view to creating their own fiatcoins. A former under-secretary -general of the UN, called for a global currency based on the IMF’s SDR instrument.

That’s what happened this week in Bitcoin. See you next week.

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