- Bitcoin is experiencing a rare two-block chain split with Antpool and Foundry.
- Despite a temporary pause in block production and a recent price drop, market sentiment remains mostly bullish.
Bitcoin experienced a unique event recently, when it encountered a chain split into two blocks, a rare occurrence. Interestingly, on May 8, there was a temporary halt to block production on the network.
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The Bitcoin chain split with two blocks
May 7 marked a major event for the Bitcoin network, reminiscent of a similar incident in 2020. It was a two-block chain split, a notable event where two different blocks are mined and added to the blockchain almost simultaneously.
This creates two competing branches or chains. This phenomenon can occur due to factors such as network latency and mining power distribution. Given the recent strain on the network, this development should come as no complete surprise.
When a two-block chain split occurs, the Bitcoin network finds itself with two separate chains, each temporarily containing an equal number of blocks.
However, as miners continue their work and create new blocks, one of the chains will extend faster and eventually become longer than the others.
The network considers the longer chain valid and accepts it, while the shorter chain is rejected and discarded as an orphaned or obsolete chain.
Based on data from Bitmex Research, the chain split involved Antpool and Foundry. It was eventually determined that Antpool’s block emerged as a valid block in the Bitcoin network.
Bitcoin is witnessing a short pause in block production
May 8 was an eventful day for the Bitcoin network as it experienced a temporary interruption in block production, as reported by WuBlockchain.
According to data from BTC. com, block production had two major breaks that day. The first pause occurred after reaching block height 788,759, which lasted about an hour before the next block was mined.
The second break occurred after block height 788,777 and lasted approximately 49 minutes. However, it is important to note that at the time of writing, the network had returned to its normal block production rhythm.
Source: BTC.com
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Bullish sentiment prevails
Bitcoin has been going through a series of downtrends over the past few days, dropping the price to $27,000 at the time of writing.
Surprisingly, data from Coinglass indicates that most investors are betting on a price increase. According to Coinglass, the funding rate for BTC was positive on most exchanges, indicating a prevailing optimistic sentiment among traders.
While there were some negative funding rates, overall market sentiment remained upbeat.
Source: Coinglass
