Bitcoin may face a hard fork in November, Segwit2x developers set block height 494784 as the fork point

Developers behind Segwit2x, a controversial bitcoin scaling solution, plan to announce the exact timing of its hard fork today.

It is reported that the Segwit2x team plans to have Bitcoin miners run the new software at block height 494,784, which is expected to happen in November this year.

The announcement, expected to be made official later today, is titled “Bitcoin Upgrade at Block 494,784,” and a draft version of the announcement has been posted on a website associated with the project.

The announcement reads:

“In November 2017, approximately 90 days after SegWit activation, Bitcoin miners will produce blocks between 1MB and 2MB in size. At this point in time, it is expected that more than 90% of Bitcoin’s hashrate will be mining large blocks to secure the network.”

If executed as planned, Segwit2x would be the second hard fork of the bitcoin network in 2017, meaning it could create an alternative version of the bitcoin blockchain with its own unique cryptocurrency.

The Bitcoin Cash (BCC) token price, which was split on August 1, is currently stable at around $300.

It is reported that the Segwit2x agreement was first announced in May and has received support from many startups, miners, and technical experts in the industry. Its proposer is the Digital Currency Group. So far, the developer team of the agreement has mainly obtained support from industry startups.

Currently, some computing power is still supporting the new BCC blockchain. As to how many miners will support the new Segwit2x chain by then, it remains to be seen.

First, there is already a blockchain that supports large blocks (BCC), and second, with the official activation of Segregated Witness on the Bitcoin blockchain, its supporters believe that block size is no longer a valid scalability metric.

What do you think?