Seven weeks have gone by since the blockchain split last August 1, and the Bitcoin Cash network continues to grow stronger as more supporters rally and build infrastructure around the protocol.
The Bitcoin Cash cryptocurrency and network was the product of the hard fork event, when a group of miners—who have lost confidence in the SegWit2X proposal—decided to take the matters into their own hands and split off from the main Bitcoin blockchain.
And Bitcoin Cash has been forging ahead since then.
At the time of writing, over 8,000 blocks have been processed since the blockchain split, and the Bitcoin Cash chain is 1,200 blocks ahead of the legacy chain. It is currently 13.5 percent more profitable to mine BTC, but profit parity has been close and consistent for the past two weeks.
There are five known mining pools processing Bitcoin Cash blocks at the moment, including pool.Bitcoin.com, Viabtc, Antpool and BTC.top. Three unknown pools are allegedly mining an estimated 63 percent of the last 144 blocks.
The Bitcoin Cash cryptocurrency is currently trading at $477, according to CoinMarketCap data, while Bitcoin is holding at $3,900 level.
Despite being a new coin in the market, Bitcoin Cash has been receiving support from members of the community, particularly those who have been pushing for a blocksize increase. Early Bitcoin investor Roger Ver is a Bitcoin Cash fan himself as he believes it is “much more in line with the original version of Bitcoin.”
In an interview with Bloomberg TV, Ver said he has “slowly been moving” some of his funds into Bitcoin Cash, especially since it is likely that Bitcoin will splinter off again in November.
“There’s probably going to be another split between the Bitcoin legacy and Segwit2x version of bitcoin, but from my point of view that just gives me more coins that I can sell for the Bitcoin Cash version,” Ver said.
Bitcoin holds particular appeal for the online gambling industry, which, for years, has been the target of misguided government policies that aim to protect state-owned gambling monopolies and restrict the individual’s freedom to decide how to spend their entertainment dollars. However, sending the digital currency now comes with a hefty price tag, partly because the Bitcoin network’s transaction capacity is still stuck at 1MB of data per Bitcoin block.
This is the reason why Bitcoin Cash exists, and now forging ahead. And the entire gambling industry needs to move across, along with their clients, who may need the help of the operators to transition into the new chain, so that nobody will be left behind on Bitcoin when it inevitably goes down in value due to the large transaction fees.