Bitcoin Cash Just Mined its First Block, Making Blockchain Split Official

Stan Higgins
Aug 1, 2017 at 19:23 UTC
Updated Aug 2, 2017 at 12:03 UTC
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An effort to create an alternative version of the bitcoin blockchain is officially moving ahead.

After running into roadblocks this morning, miners were able to successfully create a block on a new blockchain, called Bitcoin Cash, at roughly 2:14 p.m. ET today. The move effectively finds the miners breaking away from the main bitcoin network and forging ahead with a different technical roadmap.

The block in question was mined by mining firm ViaBTC, according to a Bitcoin Cash block explorer hosted by data provider BlockDozer. ViaBTC later acknowledged the finding on Twitter and WeChat.

All in all, the event came nearly six hours after block 478,558 – the point at which miners attempted to start the separation.

Network data shows that the Bitcoin Cash block contained 6,985 transactions, with a block size of 1.915 MB – nearly double the size of this parameter on the original chain. The data point is notable given that Bitcoin Cash was designed to increase network capacity by offering a blockchain with a larger block size.

According to CoinMarketCap, the price of Bitcoin Cash is trading at roughly $219 on digital currency exchange Kraken. The exchange’s top marketplace, for the BTC/BCH trading pair, is reporting more than $3m in volume since launch.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Kraken. 

Toy train image via Shutterstock

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