What Happened During the Hard Fork?
On November 15, Bitcoin Cash (BCH) underwent another hard fork, leading to a dramatic split in the network. While hard forks are not new territory for BCH, this incident revealed a larger issue: a hefty chunk of miners apparently forgot to update their software. In total, they ended up mining 14 empty blocks on a chain that most of the Bitcoin Cash network had already deemed invalid.
The Cost of Forgetting to Upgrade
According to BitMEX Research, around 77% of Bitcoin Cash nodes were using the latest consensus rules at the time of the fork. This meant that the remaining miners were hitting their heads against a wall, earning absolutely nothing for their efforts. Notably, each block could have fetched them a sweet reward of 12.5 BCH, equating to roughly $3,337. Multiply that by 14, and you get a staggering $584,062 that was potentially left on the table.
Why Didn’t They Upgrade?
Now, you might be wondering why these miners didn’t just upgrade. Well, hard forks can be as confusing as a toddler trying to explain why they didn’t clean their room. Some miners likely forgot to upgrade their nodes, while others may not have been aware of the changes until it was too late. The varied reasons behind this oversight highlight a fundamental challenge in a decentralized network – staying informed!
A Ripple Effect on Bitcoin Cash’s Image
The repercussions of this mining blunder didn’t just affect those individual miners. The inefficiency sparked chatter across social media, putting Bitcoin Cash and its fervent spokesman Roger Ver under the spotlight. Ver has been known for his enthusiastic attempts to position BCH as a worthy competitor to Bitcoin (BTC). However, with failed forks and price drops, many are asking if BCH can truly stand on its own.
The Market Reaction (Or Lack Thereof)
Despite the drama, the hard fork didn’t seem to give BCH much of a boost in the market. In fact, its price fell roughly 3.2% within 24 hours post-fork. The coin is currently hovering around $267, which is a staggering 93% decline from its all-time high of $3,920 back in December 2017. Ouch!
Conclusion: What Can We Learn?
This whole debacle serves as a reminder of the importance of keeping your software updated, especially in a fast-moving world like cryptocurrency. Whether you’re a miner, a trader, or simply a crypto enthusiast, staying informed is key. So, next time a big update rolls around, don’t forget to get that upgrade – lest you want to find yourself on a hard fork to nowhere!
+ There are no comments
Add yours