Bitcoin Cash
$314.42 9.66%
BCH · 1w

Taxman gets the boot: Bitcoin Cash Node emerges as victor of hard fork

The Bitcoin Cash network just went through yet another fork after originally being created as a hard fork from the Bitcoin (BTC) blockchain in August 2017. The hard fork on Nov. 15 split the Bitcoin Cash network into two new blockchains, Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN). The main difference between the two is the 8% tax on gross rewards that miners must pay to BCH ABC’s development team.

Among the two networks, Bitcoin Cash ABC received very little hash power, while Bitcoin Cash Node obtained the majority, indicating that miners may generally favor BCHN over BCHA. The last common Bitcoin Cash block mined before the fork was by Binance, and the first block that split the blockchain into two was mined by AntPool.

Yet another fork

This is not the first time that the Bitcoin Cash community has witnessed a forking event. The network’s very first fork occurred in August 2017, followed by another fork in November 2018, through which it was further split into Bitcoin Cash ABC and the Bitcoin Cash SV (BSV). With the latter token named “Satoshi Vision,” this split was done with the intent to keep Bitcoin true to its original vision of the currency being used for peer-to-peer daily transactions.

Over time, Bitcoin has gained value and received more and more mainstream attention, resulting in the token being used more as an investment vehicle rather than for day-to-day transactions as was initially intended. In addition to a diversion from the original vision, Bitcoin has also faced scalability issues, where the network could not handle a large number of transactions due to its 1 megabyte block size. This resulted in transactions spending a significant amount of time in queues waiting to be confirmed.

This issue was solved by Bitcoin Cash. On its “Stress Test Day,” the number of transactions on the BCH network rose to 25,000 per block with no surge in fees as compared to the 1,000 to 1,500 transactions per block seen with th...

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