Bitcoin Cash split into two separate networks on November 15th when the last block both chains could share was mined. Bitmex Research captured the moment: \"Bitcoin Cash: The last common block between
Bitcoin Cash split into two separate networks on November 15th when the last block both chains could share was mined. Bitmex Research captured the moment: "Bitcoin Cash: The last common block between the BCHN & BCHA networks has now been mined. The chains may now split," the research firm tweeted. Binance had processed that final shared block, while AntPool's miners generated the first block that separated the two chains.
The fork created Bitcoin Cash ABC and Bitcoin Cash Node, with the latter controlling the majority of the network's computing power. Within hours of the split, Bitcoin Cash Node miners had mined 57 blocks while ABC miners managed only six, according to Coin.Dance data. This disparity reflected miners' prior alignment: over 80 percent had backed Node before the fork took effect. Mining pools and individual miners pointed their equipment toward Node's chain from the moment it came online.
The disagreement that triggered the fork centered on a proposal by developers led by Amaury Sechet. Sechet's group wanted to implement a new provision called the Coinbase Rule, which would require that 8 percent of all newly mined Bitcoin Cash go toward protocol development. This would shift a portion of miner rewards away from mining operations and toward development funding, financed through the protocol itself rather than voluntary donations or grants from the community.
Bitcoin Cash Node's developers rejected the proposal and removed the Coinbase Rule from their software. They argued that miners should retain all block rewards and that development funding should come through other means, such as community fundraising or external grants. This disagreement over incentive structures and governance made compromise impossible, forcing the two groups into separate factions with incompatible software.
A hard fork occurs when a network's participants can't run the same software anymore. Proposed changes that some nodes adopt and others reject create separate blockchains. Once the code diverges, miners, exchanges, and wallet operators must choose which chain to support. The miners' choice determines the hashpower each chain receives, and hashpower determines transaction speed and network security. In this case, the vast majority of miners chose Node, giving that chain an immediate advantage.
Grayscale Investments' Bitcoin Cash Trust lost $1.6 million in value following the fork announcement. Investors holding Bitcoin Cash through exchanges or custodians faced uncertainty about whether they would receive coins on both new chains or only one. Some may now shift holdings to Bitcoin or Ethereum as they wait to see which new Bitcoin Cash network survives the market test. The networks will need to establish themselves and prove their viability before many traders return.
