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Bitcoin Cash [BCH] 23MB block unlocked by nChain’s BMG, Coin Dance confirms

Priyamvada Singh

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Bitcoin Cash [BCH] 23MB block unlocked by nChain's BMG, Coin Dance confirms
Source: Pixabay

On 5th September, Calvin Ayre, one of the core proponents of Bitcoin Cash [BCH] and nChain tweeted about BMG mining 23MB BCH block and unlocking the on-chain scalability of the cryptocurrency. BMG is the mining pool of nChain, which is one of the parties involved in the talks of the Bitcoin Cash hard fork, expected in November this year.

Calvin Ayre's tweet | Source: Twitter

Calvin Ayre’s tweet | Source: Twitter

The official blog post on CoinGeek mentioned that 23.15MB blocks were mined in total, with a block height equaling 546423. The block reward involved was 12.5MB with a total of 97,318 transactions. The blocks were mined at 1:01 AM UTC. The post also stated that after unlocking the 16MB block, the mining pool is planning ahead to mine 32MB and 64MB blocks and will consider it an achievement.

Details of the block mined | Source: CoinGeek

Details of the block mined | Source: CoinGeek

Regarding the confirmation that it was BMG who mined the 23.15MB block, CoinGeek verified it, referring to Coin Dance and Bitfire data. However, there was an active discussion that took place on Reddit wherein the community was mulling whether BMG really mined the block.

As stated by a Redditor, Lovelyday, the message of block’s coinbase did not give much clarity on the identification of BMG as the miner. Furthermore, the user stated that a sign with the coinbase private key, miners can always verify themselves as the miner of that block. Therefore, if BMG is unable to prove that they mined the BCH block, then it is wrong to assume so.

In an update to the same Reddit post, the user added the explanation submitted by Coin Dance of BMG being the miner of the block. Coin Dance wrote:

“Our analysis found a few addresses that match perfectly in both timing and hash rate. // We’re also fairly confident that at least one other pool is managed by them under a different name but haven’t confirmed it yet so we’re giving them benefit of the doubt.”

Another Redditor named NewToBitcoinStuf also dropped in an opinion and wrote:

“Does it really matter? If yes, why does it matter? // Are you scared of big blocks?Are you scared of hashing power?What’s your M.O.? Raw hashing power baby”

Of late, there has been much discussion related to the split in the Bitcoin Cash community, resulting in the formation of multiple teams. nChain is one the parties involved in the matter, standing in the opposition against Bitcoin ABC.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Analysis

Bitcoin bulls swing price of its fork coins and Ripple’s XRP

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Bitcoin bulls swing price of its fork coins and Ripple's XRP
Source: Pixabay

The latest surge propelled by an increase in Bitcoin futures contract drove the cryptocurrency market to post gains this week, with digital currencies breaching previously set resistances. At press time, the collective market cap stood at $326.8 billion.

XRP:

  • Market Capitalization: $20.3 billion
  • XRP rose to a price of $0.47 after rising 5.84% over the past day.
  • 24-hour trading volume stood at $3.5 billion, out of which 8.78% was contributed by the trading pair XRP/USDT at BW.com
  • XRP increased by $15.12% over the past week.

Source: TradingView

Bitcoin Cash:

  • Market Capitalization: $8.73 billion
  • BCH surged by 9.52% over the last day to a price of $489.3.
  • 24-hour trading volume stood at $3.62 billion.
  • BCH contributed 9.97% via the trading pair BCH/BTC at LBank
  • Besides, the Bitcoin fork coin rose by 14.5% over the seven days.

Source: TradingView

Bitcoin Satoshi Vision [BSV]:

  • Market Capitalization: $4.28 billion
  • Bitcoin Satoshi Vision, [BSV] increased by 6.79% over the last day to a price of $240.
  • 24-hour trading volume stood at $758 million.
  • BSV contributed 13.17% via the trading pair BCHSV/USDT at CoinBene.
  • Additionally, BSV’s valuation rose by 12.96% over the past seven days.

Source: TradingView





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