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.
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