Bitcoin Cash Hard Fork Sees Miners ‘Waste’ Money on 14 Invalid Blocks


Bitcoin Money (BCH) miners seem to have wasted cash mining 14 blocks on the flawed chain after the altcoin underwent a tough fork. 

In keeping with information from monitoring useful resource Fork Monitor on Nov. 15, Bitcoin Money, which itself forked off from Bitcoin (BTC) in 2017, efficiently cut up in two as soon as once more on Friday.

BitMEX: Miners are “losing assets”

Regardless of being broadly cleaner than its earlier laborious fork makes an attempt, it quickly turned obvious that a big part of miners had not upgraded to the brand new chain. 

In whole, miners spent assets mining 14 empty blocks on a sequence that almost all of the Bitcoin Money community already thought-about invalid and rejected.

BitMEX Analysis, the analytics arm of buying and selling platform BitMEX which owns Fork Monitor, commented through the laborious fork:

“The unique guidelines chain has no transactions (apart from the coinbases) as a result of transaction replay safety measure Non upgraded Bitcoin Money miners look like losing assets.” 

At press time, simply 77% of Bitcoin Money nodes have been appropriate and utilizing the most recent consensus guidelines, statistics from Coin Dance present. 

Theoretically, these miners may have missed out on block rewards value 12.5 BCH ($three,337) per block or a complete of 175 BCH ($584,062). In actuality, nonetheless, it’s nearly mathematically unimaginable that the identical miner would unlock the block reward for therefore many blocks in a row.

Bitcoin Money worth fails to react

Nodes might be left behind throughout laborious forks for numerous causes, usually on account of by chance forgetting to improve earlier than the block set to set off the laborious fork. 

The inefficiency nonetheless piled publicity on Bitcoin Money and main proponent Roger Ver. Ver, specifically, has develop into a extremely controversial determine in cryptocurrency on account of his arguably unsuccessful marketing campaign to plant BCH as a superior various to BTC. 

Professional-Bitcoin figures took Ver’s allies to process on social media. These included Olivier Janssens, who beforehand argued node “doesn’t matter” in a decentralized peer-to-peer community and that eradicating Bitcoin’s block measurement cap was, subsequently, important to keep away from hostile takeovers.

The laborious fork in the meantime did not raise the poor efficiency of BCH/USD, which has shed round three.2% within the 24 hours for the reason that laborious fork. At $267, the altcoin stays 93% down versus its all-time excessive of $three,920 achieved in December 2017.

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