In a previous article, I explained how there were two groups vying for control of the Bitcoin Cash blockchain: Bitcoin Cash ABC (BCHA), and Bitcoin Cash Node (BCHN). As a result, a hard fork was planned to be executed on November 15, 2020.
Recent media reports indicate that the Bitcoin Cash hard fork was successfully implemented, with the last common block between the two blockchains mined by Binance, and the newest block mined for BCHN was by AntPool.
Related reading: Bitcoin Cash hard fork coming Nov 15, 2020
Related reading: What is a hard fork?
Due to overwheming support from crypto exchanges, BCHN will retain the BCH name and ticker/symbol.
At time of writing, the outlook appears bleak for BCHA. Data from cash.coin.dance shows mining results, with only 3 blocks mined since the hard fork. BCHN, on the other hand, has mined 44 blocks (Table 1 above).
What does this mean?
It's easy to see that the lion's share of miners are not supporting the hard fork, and most miners are continuing to mine the BCHN protocol. If things don't change quickly, it's clear that BCHA will not survive if no one will mine it. If this is the case, then there is no need to move your BCH coins to another wallet. The crypto world would continue on as if no fork ever occurred.
My thoughts
As I mentioned to a number of community members, it was a risky proposition to buy BCH in the hopes of profiting by selling the new forked coin. This advice appears to be sound as of right now.
Clearly, the timing of the hard fork did not help, since Bitcoin (BTC) is nearing a valuation of $16,000 at the moment. It also remains to be seen if BCH will ever recover its valuation compared to BTC due to the recent volatility associated with the hard fork. It's notable that 1 BCH is valued at 0.01518 BTC at time of writing, which represents an all-time low.
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Hi I'm newbie here, I hope to see the destination of this new BCHA coin.