The Bitcoin Cash (BCH) upgrade is now 21 days away, and the blockchain may fork on November 15. On Sunday, October 25, statistics showed that 731 out of the last 1,000 blocks have been mined using BCHN full node software.

Supporters of Bitcoin Cash are patiently waiting for the next BCH upgrade in about three weeks. News.Bitcoin.com reported on September 1 that the network may split as the controversial infrastructure financing proposal has been added to Bitcoin ABC’s code base.

23 days later, our news desk explained that about 61% of the blocks mined were BCHN. As the percentage of BCHN increases, fast forward to Sunday, October 25.

Currently, according to statistics from the portal Coin Dance, 73% of 1,000 blocks or 731 blocks have been mined using BCHN. After finding the BCH block, most outstanding miners signal BCHN in their coin library message parameters.

Hash table: Poloniex launches fork futures of 73% of BCHN mined Bitcoin Cash blocks
Statistics from the portal Coin Dance on Sunday, October 25, 2020.

The Bitcoin Cash Block historical record summary on the Coin Dance website portal shows that the 24-hour statistical rate at the time of publication is 73.6%.

Hash table: Poloniex launched 73% of Bitcoin Cash blocks mined by BCHN
Statistics from the portal Coin Dance on Sunday, October 25, 2020.

Since our news desk released the Hash Observation Report at the end of September, the exchange has issued some announcements. On October 23, the popular South Korean exchange Bithumb released a contingency plan for forks.

According to the loose translation of the statement, if there are “airdrops” and “new chains”, “Bithumb will support them after ensuring stability.”

In addition, the Poloniex trading platform also has Reveal The BCH futures market is coming soon.

Hash table: Poloniex launches fork futures of 73% of BCHN mined Bitcoin Cash blocks
(Left) Coinex’s BCHN and BCHA futures markets. (Right) Poloniex’s BCHN and BCHA futures markets. A screenshot of the displayed market price was recorded on October 25, 2020, 21 days before the upgrade on November 15.

Poloniex has two markets paired with USDT, including ABC’s BCHA market and BCHN’s BCHN/USDT market. Poloniex’s BCHN market price is $298 per coin, while the latest transaction price of BCHA is about $45.

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In the other two futures markets of Coinex and Coinflex, the statistics are relatively the same. Bitcoin ABC futures are trading at $32 on Coinflex, and trading at Coinex ABC for swaps at $33.

Supporters of the Biosafety Clearing House should be reminded that not all exchanges support the new chain. For example, in 2018, some individuals who left funds on exchanges did not receive Bitcoin (BSV) or had to wait a long time.

It is a good idea to ensure that the exchange supports the upcoming Bitcoin Cash (BCH) fork. If the trading platform does not support it, customers should turn to a non-custodial solution or another exchange that supports the split.

Users who access their BCH private keys in a non-custodial manner will be able to split funds through tools that manage the splitting process.

In the next three weeks, users can monitor the block data and upgrade information of the portal Coin Dance. In addition, news.Bitcoin.com will track the latest infrastructure providers that display emergency plans, such as exchanges and wallet services.

Traditionally, most encryption service providers will disclose contingency plans two weeks before the event, or sometimes they will rely on earlier statements in previous branches.

What do you think of the upcoming Bitcoin Cash upgrade and the possibility of chain splits? Let us know your thoughts on this topic in the comments section below.

Tags in this story

2018, ABC, Airdrop, BCHN, Bitcoin ABC, bitcoinsv, BTC.com, coinbase parameters, Coinex futures, Coinflex futures, contingency plan, Fork, Hashrate, IFP, new chain, Poloniex, Poloniex BCH futures, r/btc, split Sub-upgrade

Picture Credits: Shutterstock, Pixabay, Wiki Commons, coin dance, Poloniex, Coinex, Coinflex,

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