Bitcoin’s two-block chain split coincides with temporary block production halt

• Bitcoin is experiencing a rare two-block chain split with Antpool and Foundry.
• Despite a temporary pause in block production and a recent drop in prices, market sentiment remains primarily positive.

Bitcoin experienced a unique event recently, when it encountered a chain split with two blocks, a phenomenon that rarely occurs. Interestingly, there was a temporary halt in block production online on May 8.

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Bitcoin two-block chain division

May 7th marked a significant event for the Bitcoin network, reminiscent of a similar event in 2020. It was a two-block chain split, a remarkable event where two distinct blocks are mined and added to the blockchain almost simultaneously.

Consequently, two competing branches or chains emerge. This phenomenon can occur due to factors such as network latency and distribution of mining power. Considering the recent strain on the network, this development shouldn’t come as a complete surprise.

When a two-block chain split occurs, the Bitcoin network finds itself with two separate chains, each containing an equal number of blocks temporarily.

But as miners continue to work and create new blocks, one of the chains will expand faster, eventually becoming longer than the other.

The network considers the longer chain valid and accepts it, while the shorter chain is rejected and discarded as an orphan or obsolete chain.

Based on data from Bitmex Research, the chain split involved Antpool and Foundry. Eventually, it was determined that the block from Antpool appeared as a valid block in the Bitcoin network.

Bitcoin is witnessing a brief pause in block production

May 8 proved eventful for the Bitcoin network as it experienced a temporary interruption in block production, as reported by WuBlockchain.

According to BTC.com data, block production had two significant pauses that day. The first pause occurred after reaching block height 788,759, and lasted about an hour before the subsequent block was mined.

The second break occurred after block height 788,777, which lasted around 49 minutes. However, it is important to note that the network had returned to its normal block production rhythm at the time of writing.

Source: BTC.com

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Bullish sentiment dominates

Bitcoin has experienced a series of downtrends in recent days, which has seen its price drop to the $27,000 range, at the time of writing.

Surprisingly, data provided by Coinglass indicates that most investors were betting on a price increase. According to Coinglass, the funding rate for BTC was positive on most exchanges, indicating a prevailing optimistic mood among traders.

Although there were a few negative funding rates, the overall market sentiment remained bullish.

Source: Coinglass