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At the end of the evening of May 7, 2023, a significant event occurred in the Bitcoin network. Blockchain split into two separate chains. Analysts explain that this happened due to the simultaneous mining of new blocks, which caused the creation of different branches in the digital ledger, in which all Bitcoin transactions are recorded (BTC). While such splits are not uncommon in the blockchain industry, they are relatively rare in Bitcoin. The last time such an event happened was in November 2020.
Blockchain division and its solution
Usually, this situation is resolved by one chain becoming longer and heavier, thereby overshadowing the other chain, which becomes obsolete and is eventually excluded from it and removed from the network. Again, the longer chain was the one that survived. Industry experts noted that such splits are not unexpected, and analysis of recent data suggested a rise in stale blocks that preceded blockchain splits. The term "obsolete blocks" refers to blocks that were previously considered valid but are no longer due to blockchain reorganization.
Distribution details
In this particular case, several blocks were created at a height of 788. Despite the split, the blockchain network continued to function without problems. This state of affairs did not cause panic among cryptocurrency traders and investors. As of 686:12 Moscow time on May 45, 8, the price of Bitcoin was around $2023, a decrease of 27%. Experts explained that this decline was not related to the blockchain split. The market capitalization of the virtual currency reached $903 billion, and the trading volume in the last 3,25 hours reached $540,42 billion.
Consequences and reactions
Splitting the Bitcoin blockchain has several implications. Above all, it points to the decentralized nature of this cryptocurrency, where no single entity has control over the network. This decentralized architecture ensures that the Bitcoin network can withstand such events and continue to operate efficiently. Moreover, the split has no direct effect on the overall value or usability of Bitcoin as a digital currency.
In response to the blockchain split, Bitcoin has been closely watched by the community and industry experts. Although the event attracted attention, it did not cause significant panic or negative effects on the broader cryptocurrency market. The stability shown by traders and investors reflects their confidence in the resilience of the Bitcoin network.
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In conclusion, the recent blockchain split in the Bitcoin network was a relatively rare event for this leading cryptocurrency. While such events are not uncommon in the blockchain industry, they are rare in Bitcoin. The split, which resulted in two separate chains, did not disrupt the overall operation of the network or cause panic among cryptocurrency traders. This situation further highlighted the decentralized nature of Bitcoin and the resilience of its blockchain. Despite the split, Bitcoin still maintains its value and remains a major player in the cryptocurrency market.