On November 15, 2020, Bitcoin cash experienced yet another hard fork which resulted in the formation of two new blockchains; The Bitcoin cash ABC (BCHA) and the Bitcoin cash node(BCHN). Of course, this is not the first hard fork to be experienced by Bitcoin Cash. There was also one back in 2018.
Not to forget, Bitcoin Cash is also a fork to the original Bitcoin and it has itself, undergone two hard forks since 2017 when it was created. The recent hard fork seems to have lead to a consequential drop in the price of Bitcoin Cash as probably some investors decided to pull out as a result of uncertainty. However, in recent times, the price of Bitcoin Cash is starting to steadily return to pre-fork values.
The result of this brings about the creation of Bitcoin Cash ABC and Bitcoin Cash Node as stated earlier; The main difference being 8% tax on gross rewards that miners must pay to BCH ABC’s development team.
Since the fork, The BCHN’s hash power seems to be the more dominant of the two and miners tend to favor it more, over its counterpart. According to Ashu Swami, chief technology officer of Apifiny, a cryptocurrency liquidity and solutions provider, he thinks that the 8% tax on the gross reward for BCHA could be the reason. This, however, is still prone to change as time goes.
How well the resulting hard forks would thrive can only be known as time goes and if general adoption increases.
Thank you for taking time to read this. What are your personal thoughts on this?
Uh, there is no "BCHN chain". That's just the BCH chain. BCH isn't a single node controlled by BCHN. I'd even bet some Bitcoin Unlimited blocks were mined via solos.