Bitcoin Cash is forking, but it might take hours or even days before the first block is mined

in bitcoin •  last year

The last block that was mined by both Bitcoin (BTC) and Bitcoin Cash (BCH) was at 2017-08-01 13:16:14 UTC. Since then Bitcoin Cash is no longer following the Bitcoin blockchain. At the moment I'm writing this, BCH is already 17 blocks behind the Bitcoin blockchain and it hasn't yet mined a block on its own chain. You can watch it live here: https://www.btcforkmonitor.info

It is currently unknown how much hashing power the BCH network has, so it is unsure how long it will take before the first Bitcoin Cash will be mined. If BCH has only 1 or 2% of the computing power that the original Bitcoin network has, it might even take more than 24 hours to mine the first Bitcoin Cash block. The question remains how long miners will continue mining BCH without collecting rewards. If multiple BCH miners choose to switch back to mining BTC after a few hours without any rewards there might be even no Bitcoin hard fork at all. As long as there's no BCH block mined, there is no Bitcoin Cash. At this moment, there is only one chain, the BTC one.

Since Bitcoin Cash is already 17 blocks behind the Bitcoin network it's already safe to say that the vast majority of hashing power has stayed on the Bitcoin blockchain!

Meanwhile, altcoins are back on the radar. As you can see below most altcoins are up while Bitcoin is priced in red.

24 Hour Change

7 Day Change

Month-to-Date Change

Market Capitalization

Please feel free to use and share my images under the Creative Commons license.

Latest Crypto News - August 01, 2017

Bitcoin Is Forking, but Bitcoin Cash Hasn't Been Created Yet

The split of the bitcoin blockchain has begun. Earlier today a subset of bitcoin's miners began operating a different software in order to create a competing cryptocurrency called Bitcoin Cash. The move would effectively find a minority of users forging ahead with their own blockchain, one that shares a transaction history with bitcoin.
Read more: coindesk.com

Bitcoin UASF Proposal Quietly Activates – to Little Effect

A controversial scaling proposal activated on bitcoin last night, though it happened quietly.
Read more: coindesk.com

14,000 Coinbase Customers Could Be Affected by IRS Tax Summons

Digital currency exchange startup Coinbase is pushing back against a renewed court effort by the Internal Revenue Service to obtain information on some of its customers.
Read more: coindesk.com

Bitcoin’s Civil War is Over But Bitcoin Price Set For Extreme Volatility

Bitcoin’s three-year civil war, which so thoroughly divided the community into armed camps, appeared to come to a close with the activation of BIP 91 just over a week ago. BIP 91 is the first step in implementing the SegWit2x scalability proposal which is supported by the vast majority of economic actors and miners. There is, however, one significant wild card. It’s called ”Bitcoin Cash.”
Read more: cointelegraph.com

South African Finance Minister on Bitcoin Future: Lot of Potential

The development of cryptocurrencies, especially in countries like South Africa, has seen the question on their future posed to government ministers, with Finance Minister Malusi Gigaba tackling the question positively.
Read more: cointelegraph.com

Bitcoin Cash May Become the Fourth Largest Cryptocurrency by Market Cap

A lot of people will be keeping a very close eye on Bitcoin Cash today. After weeks of waiting, the tokens will finally be issued to Bitcoin holders in a few hours.
Read more: themerkle.com

TV Blockchain Show Codice Becomes Huge Success in Italy

A recent and somewhat surprising development is that Blockchain issues are now starting to take over the waves of the television industry in Italy.
Read more: cointelegraph.com


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What is it blocks ?
Explain it to me Master

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Where's the block explorer for Bitcoin Cash?

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We already have 8, and it looks like some miners form Antpool and BW.com have redirected their hash-power towards Bitcoin Cash!

antpool_hashrate_2

https://steemit.com/bitcoin/@techwizardry/looks-like-antpool-s-hashrate-has-dipped-15-in-the-last-24h-is-antpool-mining-bitcoin-cash

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is it any more profitable to mine bitcoin cash than it is bitcoin?

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That will become more apparent as days go by. It depends on a number of factors that aren't quite figured out yet. Imagine it as a rocket in it's take off phase right now. There are a number of things that can go wrong during launch. Wait for the launch period to end and the value of a BCC becomes clearer.

If you want it to succeed though, I suggest mining now without any clear indication of a reward. If everyone mined what was valuable only, we wouldn't even have gotten the original bitcoin blockchain developed. It wasn't until silk road gave the coin a purpose that it became "worth it" to mine.

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I agree. Most miners on BCH are mining at a loss right now to get the chain going. It's not about profits at all for them.

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meep

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Once the difficulty drops a bit today, it may be.

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Bitcoin cash has gone uop a lot today! its great i love the positive effect we have had now that this hard fork is all done with Im s happy how people are starting to realize how simple all this is, its not rocket science, we should trust in our technology, its going to work, heh, segwit vulnerability wont hurt bitcoin

Bitcoin will be fine and its just going tpo $10,000 now like we al sad it would WOOO its gonabe such a ruch

its gonna be such a ruch to finally have a lot of money and FINALLy get to make money from this..we had so many chances and here we go!

oh man i have to work all night to try and earn as much extra money as I can the only way I know how, steemit

and also I have to start looking for ways to find big investors locally who want bitcin but are afraid to invest

I just wish I had something like $20,000 from a friend or family member to invest just in bitcoin, because i just want someone near me to make money with bitcoin, maybe iu should just stickj to promoting systems like bitconnect which i had been reluctant untill i reay made sure it was real, now i know for sure ts real, and decentralized, and man...@craig-grant has paved such a poerful; path using bitconnect its really ideal and i hope that referal system doesnt go anywhere, and i was bummed when i heard genesis wasnt paying or ha a a hiccup, and i wish they would make payouts so i could promote genesis and i just need a good referral system to really promote on instagram....Instagram is SUCH fertile ground for young go getters who want to succeed but just dont know how!

But this all goes back to be trying to find a way for me to stack up the most bitcoins

I feel like the train is about to leave the station!

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Thanks!

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Block Size: 1,915.18

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5 blocks found now

Thanks for the charts , they are pretty useful! Just to add that trading started on Kraken and there are lots of buy orders filled, which is weird as the block wasn't mined yet. Bitcoin Cash is no longer a future on coinmarketcap, being listed as BCH.

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How can you trade if it's not mined yet?

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The price started at $555 and traded now at $235. which means that the price knew a mega down trend in the price since the first day.
furthermore this will even strenghten bitcoin more and more because users that accepted segwit will do the best they can for BTC to be faster and more secured.
the last thing I would like to say is that BCH will not go anywhere and It will be just the same as the other junky coins that will be traded for no reason.

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sell me your Bitcoin Cash!!

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anyway, BCH is not stable yet we will see how the market will react to it in a matter of days, there is no way that it will compete with BTC or ether, I see that it is in 4th position now but there still lots of corrections to happen then we will see what will happen.

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Take your time trading out for more Bitcoin Cash - keep the prices low for me...lol

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hahaha!

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Have a nice day. Wish you make a lot of money

Good insights that I havent seen elsewhere yet. No blocks = no new chain.

Would be a strong message to anyone else who tries to fork up BTC

STEEM On!!

DaveB

I'd be interested to hear everyone's views on whether they'd like to see Bitcoin Cash survive or not? As a bitcoin holder, I think it would show great strength if the bitcoin cash fork fails - and it would send a strong message out to others who want to try such a fork - that it may not be worth the effort ;-)

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I would like to see Bitcoin Cash failed. It will increase people's confidence in Bitcoin.

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Couldn't agree more :)

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Nice comparison, I'm a big history buff myself and that totally makes sense. I think it also applies to the cryptospace as a whole.. many experts are saying that a good amount of the cryptos out there will be gone in a year, 5 years, etc... similar to the dot com bubble. However, the ones that remain when the dust settles will be huge. Hopefully BTC will be one of them! #fingerscrossed

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I'd like to see the process take place, and if the market kills off bitcoin cash, so the better.

Here's my logic:

In the beginning of my country (USA), we had multiple currencies floating around the colonies as banks, trading houses, and even gold purveyors competed for currency control. The people quickly figured out which currencies worked and which were bad; very similar to crypto-currencies.

The results, as you can imagine, was the killing off of 'merchant' currencies and the rise of gold/silver.

During our revolution we started printing paper money, which led to inflation and black markets in goods. After the war, the people quickly killed off the paper money and went back to sound money.

The point: Crypto is like America in the 1760's.

If bitcoin cash is crap, we'll kill it off.

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I hope that the fork succeeds. I don't think it detracts anything away from BitCoin. Actually, I see it as confirming BitCoins' dominance in the crypto marketplace - because it is strong enough to not only survive a split, but produce forks which, essentially, could be seen as an ability for it to scale upwards when needed. Like, now it has 15% more bandwidth & can handle even more transactions. That's just one perspective on it - and I'm sure there are others, many of whom are much more informed than mine - but, that's I choose to see it. I hope they both succeed. I guess you could be like Grumpy Cat, if that's how you want to be:
I-Hope-Both-Teams-Lose.jpg

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Agreed, BUT that's a big IF.... it certainly might not fail, and in my opinion even if it does, it would take an extremely long time to truly go away since all of us BTC holders buy default will be receiving it, a large amount of us will just hold on to all or at least a good portion of it and see what happens.

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I hope it succeeds. Realistically it's not offering anything huge but the success of it will change the direction of bitcoin, whether it's with Bcash or a different btc fork. Segwit isn't going to bring btc mainstream, that's just my opinion. But an acceptance of a different technical approach might. Also, I think more people will hold Bcash than people think.

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Bitcoin needs improvements and even competition like this. The problem however is that Bitcoin Cash is very centralized having tiny support (at least at the moment).

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Have a nice day. Wish you make a lot of money

So much green, except for the one crypto I am directly involved in: Steem!

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Have a nice day. Wish you make a lot of money

Wondering whether to sell by Bitcoin Cash now - before it's worth nothing - what do you reckon is a good strategy on this one?

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Amazing youtube clip on bitcoincash being a total scam - by a legend in the field - well worth the watch.

;-)

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LMAO...that guy is SOOOOOOOOO NOT a legend!!!!!!!!

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The best one is what you think it is. In this moment i don't think anybody knows. If he say he knows... he is bs :-).
If you have them from nothing... you can risk the thing to let them there for a while.
Or even buy some if you feel it will raise up to $400 again... and get some winning...
These days, everything is uncertain until the miners react and then the people...
Who knows.

I dont't have much, but i will let them there for now to see what happens.

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Since it was free I would just hold it for another year and see what the price is then. The risk / reward ratio is pretty good!

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Have a nice day. Wish you make a lot of money

I am confused with the development of bitcoin at this time.
But after I read your post, I begin to understand little by little.
I hope that these difficult times will pass quickly.
Hopefully the bitcoin and the cash bitcoin go back to the top of their glory.
Thank you for your information.
Because your post is very helpful to me.
I will wait for your next post.
Thanks for you..

All's good, let's hope Steem will also grow

Update !!!!

Bittrex accept BCC, get ready for the crash

https://steemit.com/bitcoin/@artakan/bitrex-bitcoin-cash-deposit-open

Looks like 5 blocks are complete !!!!

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Have a nice day. Wish you make a lot of money

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hahhaha well played :P

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nice one lol

5 Blocks mined already. Looks like the 6 blocks will be mined in 12 hours. Watching @worldcryptonetwork live!!! VIVA BITCOIN.

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Have a nice day. Wish you make a lot of money

Let's hope that the both go well!

mother forker

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Have a nice day. Wish you make a lot of money

Very detailed article...Can't wait till this fork is done and I can start using BTC and BTC Cash

Very good information!

I am hoping that BTC doesnt fork. But if it does, the idea of getting 14% more for the BTC to BCC conversion doesnt sound bad either. We shall see what happens in the next few weeks.

PS - I noticed that EOS stayed constant through the entire last month. So that could be a good indication of what to buy to make some money in the coming months or emerging technologies.

UPvoted

Many exchanges are sticking with Bitcoin and wont be supporting BCC Bitcoin Cash.... In my opinion I'd rather stick with the original that has all the fame than go with a quick substitute.... hoping the issues with the original BTC will be fixed.

Nice charts and info. Thanks

This was a very interesting and insightful read.

👍👍👍😲😲😲

Any ideas how much will transactions cost after the fork?
Will 10$ or 1$ transactions be viable, not cost too much?

great info thank you for sharing this

This post received a 4.3% upvote from @randowhale thanks to @penguinpablo! For more information, click here!

Good post

Block

Great information, Bitcoin, Bitcash & Litcoin is the future for us all.
It's time to embrace the new wave of this new globe currency.

The question is, will Bitcoin shoot more like it has in the past years?

Damn I am so excited to see how it will go in the next few month. Thanks for sharing :)

IOTA is the future 100% into it.

I'm curious how beat up BCC (Bitcoin connect) is getting bashed just because it had the same ticker as bitcoin cash for a while.

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Coinmarketcap changed it to BCH

Thanks for the charts, they are useful and altogether tell a story of waht is happening in the @crypto world

Thanks for the info, it really helps.

Thanks you for information! This is useful! People are now waiting for the news about what to do next!

Please post more updates about it! Thanks you!

Thanks for the info! I checked my bittrex account for BCC. It has the same balance as BTC but says its "under maintenance". Looking forward to see how the COMMUNITY reacts! To much politics in bitcoin and not enough community

The fork is done even if no block has been mined yet, because there will be the first...
Since every BTC owner gets some BCH for free we should give it a chance as a new currency on the market. The civil war ends and we can profit. Let's do it

your graphs show marketcap of 90 million. Its actually 91 Billion:) great post

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It shows a marketcap of 91,815 million which is almost 92 Billion. The comma is a thousand separator.

GET ME ONE OF THOSE JUMPERS 😆

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They are pretty nice! But having an actual fork with this engraved on would be better ;)

Good that they started to call it BCH, because BCC was already taken by Bit Connect Coin!
I believe it is very confusing to people that don't follow actively
https://bitconnectcoin.co/press-release/90/Cryptocurrency-Symbol-BCC-Belongs-to-BitConnect-Coin-not-Bitcoin-Cash

It's a great day for alts and therefore everyone

I greatly enjoy this kind of post of yours. Please keep doing it. I thank you. Thank you.

Mantap thank to @penguinpao .. You artikel make mereka Knowles this information

It is currently unknown how much hashing power the BCH network has, so it is unsure how long it will take
before the first Bitcoin Cash will be mined. If BCH has only 1 or 2% of the computing power that the original Bitcoin network has, it might even take more than 24 hours to mine the first Bitcoin Cash block. The question remains how long miners will continue mining BCH without collecting rewards. If multiple BCH miners choose to switch back to mining BTC after a few hours without any rewards there might be even no Bitcoin hard fork at all. As long as there's no BCH block mined, there is no Bitcoin Cash. At this moment, there is only one chain, the BTC one.

Rehat

@iskandarpcc

The hard fork went really smooth. BCH is finally there and the first exchange action is not disappointing. Let BCH fend for itself now. I look forward to see whether bigger blocks work in practice.

If you work with me on steem you can earn 5$ every single day join this group free https://chat.whatsapp.com/0ofx0AhYJrz5fw2NSPAiN4

The volume of transactions at high growth is increasing and may therefore reach 4000 $ at the end of the year
@khammar

We will see how thing playoff in a few hours ,,but for now things are going great though coinbase costumers will be affected i hope they work this out ,,

So this bitcoin cash seems like a big failure...

Are you selling the shirt I would love to buy one

It already mined the first 5 blocks

Already mined!! And biterex has give bcc split to its clients

Thanks for the update!

Hey nice charts! Do you use some kind of software? Could you share what software or website it is? Thanks :)

Nice one!
If you need a 5x more steem, register with my link!
https://steemfollower.com/?r=195

Thanks for the info it was very helpful to me.

I wonder how this will effect the price of BTC... It seems down a little bit right now but I'm sure the price will rebound.

Haha, ❤ the shirt!

Congratulations for your excellent post, I invite you to follow us and we grow faster, greetings

All I know is I made a mistake selling my steem to btc today, I can't get it out of the wallet for an undetermined amount of time.

Is there any future for bitcoin cash?

It is now mined.

Great post, Thanks @penguinpablo. Keep us updated on this.

Thanks for this information share

It's ok it's ok we'll be mining Soon

thank u for sharing this post with us :)

very good

Por qué agosto será el momento de la verdad para Bitcoin, y por qué las monedas virtuales están cayendo Escrito por Elías Rodríguez García el 11/07/2017 a las 21:49
Se esperan tiempo de incertidumbre para el mundo de las monedas virtuales.

Una de las cosas más mencionadas estos días en los foros de Bitcoin y en general en foros de criptomonedas es el ‘primero de agosto’. Sin embargo, no todos saben qué significa este día para el mundo de las monedas virtuales y por qué es tan importante.

Los más apocalípticos están anunciando que este día será superhorroroso y que tenemos que sacar todo nuestro dinero de esta moneda (e incluso de otras). De lo contrario, perderemos todo (o mejor dicho, gran parte) de nuestro dinero.

Pero nada más lejos de la realidad, pues lo que pase ese día (que ya lo veremos) no tiene porqué repercutir de manera negativa en la moneda. Lo que sí que sabemos a ciencia cierta es que este ‘apocalipsis’ está repercutiendo negativamente tanto en el BTC como en otras monedas.

Todo sobre Ethereum, la moneda virtual de moda que está eclipsando a Bitcoin
O sea, los que tengamos BTC nos estamos viendo perjudicados por los apocalípticos que anuncian a bombo y platillo sacar todo dinero de forma urgente. Actualmente se están viendo caídas diarias del 30% en muchas de las monedas. En parte este movimiento descendente se debe a la estampida que están pegando muchos usuarios al retirar sus fondos invertidos.

Qué pasa el día 1 de agosto

Lo que pasa el día primero de agosto es que la moneda se va a bifurcar. Pero no se trata de una ‘bifurcación suave’ (también conocida como ‘soft fork‘), sino que se trata de una ‘bifurcación dura’ (‘hard fork‘).

Diferencia entre bifurcación suave y dura

Una bifurcación, para quién no lo conozca, es una actualización de las ‘reglas’ del Blockchain, la tecnología que hay detrás de las criptomonedas. La diferencia entre estos términos es que el primero (soft fork) es una actualización que no afecta al funcionamiento; un hard fork, en cambio, implicar acoger los cambios queramos o no si queremos seguir con el desarrollo oficial.

mas informacion ve a este Link http://omicrono.elespanol.com/2017/07/bitcoin-1-de-agosto/

ZERO FORKS GIVEN OK ?

Long live Bitcoin and Steem on steemit ♨

Useful information, thanks for sharing it ...

Thank you for this. As someone just getting involved in Blockchain, it helps to have people such as yourself explain the finer nuances of why this field moves and shifts in the way it does.

it's already trading on bittrex for about 0.13btc/bcc.

Great data :) I'm a fan of cryptocurrencies and idea of decentralized money. Unfortunately Bitcoin Cash is not decentralized so this project haven't great future. First block was mined, but still it's only experiment of ViaBT and few Chinese exchanges. Thanks for the article @penguinpablo!

It didn't though.

great information...thank for your effort...up

it’s driving me crazy lol

I think the BTC will drop sharply

‌‌‌अपकी वोट हमारे लिए महत्यपूर्ण है। जिसके लिए हम आपको धन्यवाद करते है। और वोट करते रहे।
Your vote is important to us. For which we thank you. And keep voting.
@ahlawat
nice

I think the success of Bitcoin Cash lies in the hashing rate and the mining population. Did Bitcoin lose some hashing to Bitcoin Cash?

Thanks for sharing...You r awesome!

5 blocks found now, amazing!

It went smooth as a Babies Butt! Now let's see if they can get the mining going.

where is the T-shirt? :)

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I found it on Twitter. Don't know if it's for sale somewhere.

Great Info!!!
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Guys, please upvote I will do the same in return.

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see my post
The Bitcoin Cash BCH is now available - how can you get it?
https://steemit.com/bitcoin/@hamzasteem/the-bitcoin-cash-bch-is-now-available-how-can-you-get-it

As a newcomer I am still learning. More reading and research.

WOWWW impresionante! hay que estar atentos

I got tired of Googling crypto prices, opening 10 tabs from 10 exchanges or installing apps that take up 100 MB on my iPhone and do the same thing so I came up with a solution to our common problem, hopefully you'll find the solution useful https://steemit.com/bots/@steemboy/how-i-track-cryptocurrency-without-apps-websites-and-google

Thanks for the charts...

Hi
Wery good page. Usefull!

Where we can mine BCH?
which one better BTC or BCH?

Dump it all let it go to zero. It'll be beautiful

Good information.I love the shirt!

👍👍👍👍

I earn Bitcoin Cash because of hardfork

Can you explain what exactly is mining and blocks? I don't understand any of it.

thanks for the information

someone else published that the first block has been mined

Congratulations @penguinpablo!
Your post was mentioned in the hit parade in the following categories:

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Thanks for this information man.