Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?

The latest digital currency news show that the Bitcoin Cash (BCH) hard fork is now completed and that BCH successfully activated its second scheduled semi-annual hard fork since splitting away from the original Bitcoin blockchain.

However, unlike the previous upgrades which brought a lot of positive news, this fork was contentious and the development teams that launched it are still competing, pointing out to their incompatible BCH implementations.

There were two groups with different beliefs about the fork. The first one was the Bitcoin Cash ABC team which had support from most node operators as well as investors and companies such as Roger Ver (Bitcoin.com) and Jihan Wu (Bitmain). The other group was the one cheering for the Bitcoin Cash SV altcoin and trying to prove that it has better features than BCHABC.

Strictly speaking, there could have been three versions if any miners decided to continue mining according to the pre-fork consensus rules. However, all of the hashrate migrated to one or the other of the two new rulesets, killing off the original chain.

Currently, according to BitMEX Research, both sides are mining at a loss of at least $280,000 per day relative to the value of the coins (or more) which will put pressure on profit-motivated miners to cut their losses and switch to BCHABC or BTC.

“Even if the SV mining collation do catch up with ABC or if they manage to do hostile chain re-orgs, its highly unlikely BCash ABC users & investors will ever switch to follow SV. ABC users just need to be patient & wait it out. @CalvinAyre & the SV miners will eventually give up,” BitMEX wrote on Twitter, doubling down on Jonathan Bier’s pre-fork prediction that miners would ultimately abandon the BSV fork.

Currently, people are wondering how does the BCH hard fork affect other projects such as Bitcoin. The good news here is that the fork has no effect on BTC other than making it even less likely that Bitcoin Cash (BCH) will overtake Bitcoin (BTC) and claim its mantle.