Despite Naysayers the Bitcoin Cash Blockchain Chugs Forward

Over the course of the past twelve hours, the Bitcoin Cash (BCH) blockchain has been chugging along as miners have processed a total of 37 blocks so far. Further, the network is operating at 26% of the original chain’s difficulty as mining has become much easier on the BCH chain.

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The Bitcoin Cash Chain Chugs On With 37 Blocks Mined So Far and Difficulty Much Lower Than the Legacy Chain

The Bitcoin Cash blockchain is still alive, and mining newly minted BCH tokens has become a whole lot easier. At press time three mining pools are participating in finding and confirming blocks on the BCH chain which include Viabtc, pool.bitcoin.com, and an unknown miner. It seems the miner from Hong Kong is not participating anymore or he’s decided not to advertise on the blocks’ corresponding coinbase data. So far approximately 37 blocks have been found by mining pools, and the BCH network is 274 blocks behind the legacy chain.

Despite Naysayers the Bitcoin Cash Blockchain Chugs Forward
Mining pool pie chart of the last 37 blocks found by Viabtc, pool.bitcoin.com, and the unknown miner at 11 am EDT.

Blocks Begin Moving Along Much Faster With One Unknown Miner Capturing the Lion’s Share of Bitcoin Cash Hashrate

Block 478577 activated the last adjustment to 26 percent of BTC’s difficulty and many of the BCH blocks have been varying in size from under 1MB, 2MB+, and a 4.6MB block. The BCH chain’s genesis block mined by Viabtc contained over 6,000 transactions. Out of the three pools participating right now, the unknown miner has captured two-thirds of the entire network hashrate and blocks found. Pool.bitcoin.com and Viabtc are capturing the remaining hashpower.

At press time blocks mined are averaging 25 minutes between each other which is far faster than August 2nd’s BCH block times. Yesterday a lot of naysayers believed the chain would not overcome the initial difficulty as the first block of August 2nd took 12 hours to complete. However, Bitcoin Cash is now moving along like “The Lil’ Engine That Could.” 

Despite Naysayers the Bitcoin Cash Blockchain Chugs Forward
The BCH chain’s difficulty dropped significantly over the past 12 hours.

BCH Markets Down 40% Over the Last 24-Hours

Right now BCH markets are dipping in value pretty significantly, and roughly half of Bitcoin Cash markets are being traded in fiat with the other half captured by BTC trades. So far there are not that many exchanges taking BCH deposits, and many wallets still haven’t provided a splitting tool for users. This has made the currency’s $6B market thinner than most cryptocurrency trading markets, which can be seen with the tokens volatile price swings.

Despite Naysayers the Bitcoin Cash Blockchain Chugs Forward
Kraken exchange Bitcoin Cash market paired with BTC (BCH/XBT), August 3, 2017

At the time of writing one BCH is averaging around $385-430 depending on the exchange used, and has $325M worth of daily trade volume. Meanwhile, BTC markets have been up about 2-3% on August 3 reaching a high of $2745 across global exchanges. 

What do you think about Bitcoin Cash’s current performance on its third day of life? Let us know what you think in the comments below.


Images via Shutterstock, Coin Dance, and Kraken.


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  • Us1xS

    Bitcoin Cash moving forward!

  • I think it could get mostly sold on the cheap, if the pattern continues, but “that’s why they play the game.” Stay tuned.

  • Reminds me of BTU/BCU. It still is a future and it had a swing and is stabilizing, but it had a smaller cap. Time will tell.

  • Papascrubs

    I off loaded what I had on the exchanges yesterday between 950 and 1050 USD on Biterex and Cryptopia. Cyptopia was a surprise and I had just sold a semi large position in CHC right before the fork split and it turned the BTC I got into BCH but the majority of my BCH sits in my Trezor wallet……. That is a messed up story in itself…. You can deposit BCH on Cryptopia right now….. fetching a little over 350 USD…. but Trezor didnt come through and they have the audacity to say your BCH is safe there is no rush….. no rush if you think it is going up but if you think it is going to crash then there is a rush!

    • I never saw any numbers close to $950. Understand how people who don’t want to HODL feel.

      • Guillermo Beltran

        that was because BCH/BTC peaked at .487…. So that would mean if the value of btc was 2700, then BCH waas about 1300 usd…
        But it wasn’t exactly that.. btc was undervalued and bch was way overvalued.

        • Except I was looking at dollar values, at the numbers I saw peaked in the 700s.

          • Papascrubs

            I can gather proof if you want but it was on Cryptopia and Bitrex….. 1350 on bit and around 1k on Cryptopia… I just got my conformatins this morning at 4 AM from the money I sent from trezor to bit and got 290 for the rest of my BCC….. Looking to get back in between 20 and 50

          • It wasn’t about that. It was about the difference in what was reported and what happened. Back when bitcoin was going for $90, I somehow bought at $130 through a service (no, not an exchange.) So these shockers do happen. It took a long time for it reach $130 again. I had a bunch of others, though, so it averaged in and now, it’s just the 2.5 bitcoin or so that I didn’t get that sorta still gripes me.

          • Papascrubs

            Yes I wish I had my BTC on Bitrex instead of Trezon and I would have got close to 1 k for all of it instead of a small fraction. Market cap was reporting Bit as a market anomaly at the time.

      • Papascrubs

        08/02/2017 07:59:07 AM 08/02/2017 07:54:14 AM Limit Sell 0.36000000 0.08655384 0.08655384 0.35999997 0.03108149

        On Bittrex it went to 1300

        • Papascrubs

          on Cryptopia it was close to 1k

    • meltorgamblor

      At a price that high it must have been a very small amount, as not many people would put in orders to buy BCC that much higher than other exchanges are selling it for. The markets are still very thin.

  • Dr. Bubó

    Since we have the same amount on both chain, what really matters is the price of BTC + BCH.
    And its up. 🙂

    • What matters is which one is greater than the other, and if either is above the price you paid, to be specific.

  • Bella Miner

    So how do I mine this new shitcoin?