Bitmain has confirmed in a statement they are closely watching Bitcoin Cash and how it moves and are not ruling out the possibility of supporting both Segwit2X and Bitcoin Cash.
The confirmation from Bitmain is a huge one considering that the mining pool is the biggest and controls its own hashrate while employing hundreds. Bitmain has signed the New York Agreement as part of the global Bitcoin community to come to an understanding – a sort of a compromise – to actively support implementation of Segwit2x and will continue to run the btc1 software on all our mining pools.
The key point here is that the agreement doesn’t etch in stone that those who have signed up can only run the segwit2x client. This effectively means that the miners are free to run other clients including the BitcoinABC, which forks off on August 1st to create a new chain and network with a currency named Bitcoin Cash.
Bitcoin Cash starts trading and stable at $550
Bitcoin Cash (BCC) has already started trading on ViaBTC futures and has been hovering around a $550 mark after reaching a peak of around $900 on its first day of trading. The market has been stable at nearly $10 billion and this is a strong indication that more and more bitcoiners will support BCC.
As far as mining rate is concerned, it could possibly follow the ETH & ETC scenario – and will be portioned between the segwit chain and BCC dependent on price as stated by BTC.TOP, bitcoin’s second biggest mining pool.
Bitmain has said that the User Activated Hard-Fork (UAHF), implemented by the BitcoinABC client, was a “contingency plan” in response to a User Activated Soft-Fork (UASF) which aimed to activate segwit and was supported by some Bitcoin Core developers like Luke-Jr and Peter Todd.
UASF is now irrelevant because miners have locked-in segwit, while UAHF has taken a life of its own with Bitmain stating: “The development of UAHF is now led by supporters of Bitcoin’s blocksize increase. Bitmain cannot and does not control their opinions.”