Hash Watch: Bitcoin Cash Services Reveal Contingency Plans for Upcoming Fork

Hash Watch: Bitcoin Cash Services Reveal Contingency Plans for Upcoming Fork
The Bitcoin Cash blockchain is set to upgrade on Sunday, November 15 and it’s still expected that the network will bifurcate. So far, a number of crypto services have revealed contingency plans for the fork, and today’s data shows that 754 out of 1,000 bitcoin cash blocks were mined with the BCHN software.

In 11 days, the Bitcoin Cash upgrade is coming and the latest feature that will be added to the network is the ASERT Difficulty Adjustment Algorithm (DAA). However, the community is also preparing for a contentious fork, as one of the seven BCH full node projects has introduced the Infrastructure Funding Proposal (IFP) into the codebase. The IFP has been extremely controversial, as it has created a great divide between those who support it and those who do not. In September, news.Bitcoin.com reported on how most BCH market participants including businesses, executives, miners, and developers from six full node projects decided to bid Bitcoin ABC farewell.

As far as coin votes, hashpower, and futures markets are concerned, Bitcoin ABC is not faring well in comparison to BCHN. Block statistics from the web portal Coin Dance shows that 75.4% or 754 blocks out of 1,000 were mined using the BCHN software. 11 blocks out of the last 1,000 BCH blocks have signaled for ABC, which accounts for 1.09% of the thousand blocks mined. There is roughly 2 exahash per second (EH/s) of SHA256 hashrate pointed at the Bitcoin Cash network on Wednesday, November 4.

Bitcoin ABC futures show that the market is trading for much less than BCHN futures on Wednesday afternoon. Poloniex ABC futures paired tether (USDT) indicates the token is swapping for $20 per unit. ABC futures on Coinflex are priced similarly at $20.50 per ABC token. The ABC futures on Coinex are even lower, as the ABC token is swapping for $16.34 at the time of publication. If the prices end up being roughly the same after November 15, 2020, then the ABC airdrop will have a very small market valuation amid the totem pole of top coin market cap positions.

Since our last report, a few infrastructure providers have announced contingency plans for the upcoming fork. For instance, the mining operation Poolin has revealed its plans for the BCH fork scheduled on the 15th.

“The Bitcoin Cash (BCH) network is expected to undergo a hardfork on the 15th of November, 2020,” Poolin detailed. “There are currently two competing fork proposals, Bitcoin Cash ABC (ABC) and Bitcoin Cash Node (BCHN). As per the latest data from Coin Dance, 76.3% of BCH blocks have signaled support for BCHN over the last 7 days, compared to 1.0% for ABC. In the event of a successful fork, users holding BCH prior to the fork will receive the new assets.”

The mining pool also said the operation will switch all of the BCH hashrate to BTC one day before the hardfork, it also plans to suspend BCH payments on November 15, and “a separate announcement about switching the BTC hashrate back to BCH will be published once the hard fork has completed and the network is stable.” At press time, Poolin only captures a touch over 1% of the BCH network hashrate, according to Coin Dance data.

On October 30, the firm Bitgo detailed that it was preparing for the upcoming fork on November 15 as well. “Bitgo is currently running BCHN nodes and expects that it will be the dominant chain post-fork,” the company tweeted. “We will pause all BCH services at 00:00 a.m. UTC Nov. 15 in preparation for the fork. We will monitor the network and restore service as soon as the dominant chain is confirmed. Our primary goal is to ensure the safety of client coins. We will post more details about Bitgo’s approach to this upcoming potential fork in a blog post next week,” the company added.

During the evening crypto trading sessions (ET), the San Francisco exchange Coinbase revealed its plans for the upcoming fork. “Bitcoin Cash (BCH) is expected to undergo a hard fork on November 15th, 2020,” Coinbase tweeted. “Prior to the fork, Coinbase will run BCHN nodes and expects that it will be the dominant chain post fork. Once the fork begins, BCH sends/receives to and from coinbase.com and Coinbase Pro will pause, and will be re-enabled once we’ve determined the upgrade is stable.”