Hong Kong-based digital currency exchange Bitfinex said on Thursday that a minority of bitcoin miners would be “forking” to create a new version of bitcoin called Bitcoin Cash on Aug. 1.
The fork does not impact bitcoin balances, but it creates a new token, Bitfinex said. At the time of fork, all bitcoin addresses holding balance will have equivalent balances in bitcoin cash. A “fork” is when a blockchain splits into two potential paths.
Bitcoin Cash balances will be distributed to those holding a settled bitcoin balance on Bitfinex and withdrawals are likely to be available soon after the fork, the company said.
The firm, which runs one of the largest exchanges for trading bitcoin and other digital currencies, is also considering listing the new token under the ticker symbol “BCH” after the fork.