- Millions of USD worth of BCH have been misplaced
- Bitcoin Cash’s misplaced funds worth $2.8 Million
- Future of the new taxation plan uncertain
Bitcoin Cash News Today – According to reports millions of USD worth of BCH have been misplaced. The cause of this was erroneous transactions. Since Bitcoin Cash’s hard fork in 2017, most users have sent their transactions to nested Segwit addresses. Segwit addresses are not supported by Bitcoin Cash. Changes to Segwit regulations were the cause of lost funds in 2018 and 2019.
A Minimum of 19,000 BCH has Been Lost Since 2017
Back in 2017, 400 BCH was at stake. To gain access to those funds, BCH miners had to improve their chances of mining a block. They would have been required to part away with $15,000 to rent out some Bitcoin mining hash rate for one day. After this, they will get a 63% chance of earning $500,000 after mining the jackpot. Though a certain miner attempted to get rewards in this manner way but never succeeded because of the difficulty involved in finding mining pools that will break the standards rules.
The BCH community eventually recovered the funds. At the time BTC.com and one Reddit user who goes by the Monika “bchsegwitrecover” shared the lost crypto to its original owners charging a finder’s fee. Note that much of the recovered Bitcoin Cash (about 402 BCH) were unclaimed.
Despite that BTC.com continued recovering the missing funds. Hard forks in 2018 and 2019 modified the rules on Segwit recovery. During those months, 4,000 BCH accumulated. When one miner tried to obtain the funds, large mining pools caused the activation of a chain reorganization which prevented that user from profiting. It also returned the funds to the proper owners. BTC.TOP managed to recover 3,800 BCH which represents only half of the entire Bitcoin Cash that was lost and found.
9,128 BCH ($2.8 Million) is Still Unaccounted For
9,128 BCH is still unaccounted for at press time. Ill-gotten mining rewards are unrelated to BCH’s current mining tax controversy. This has attracted more attention in the past few weeks. Back in January, some mining pools suggested directing about 12.5% of block rewards to infrastructural development. They plan to activate this initiative by orphaning blocks mined by non-compliant miners.
Another revision proposed the reduction of the tax with time, but this hasn’t done enough to earn the approval of the community. Dissidence continues to increase. BCHN has launched a drop-in mining client. This model allows miners who don’t agree with the tax plan to follow future upgrades. This plan could avoid the possibility of a chain split according to some crypto commentators. Since the new tax plan will be enacted through the voting model, the future of this initiative is still uncertain.