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That gets the chain un-stuck. The difficulty starts off with the old, huge value. The next difficulty adjustment will be at ceil(478560 / 2016), correct? That's 1248 blocks ahead. Check me on this, please.

If mining of that chain is very low, it will take a long time before the difficulty adjusts downward. So far 6 blocks have been mined on that chain.[1] Rate is maybe one per hour, instead of the usual one every 10 minutes. That puts the difficulty adjustment maybe six weeks out. We'll have to see who mines on that chain. The hash rate may go up or down, depending on what the big miners do. Mining will be unprofitable until the next difficulty adjustment, because the price of the coin is lower than the "mainstream" coin. Confirmations will be really slow. After the next adjustment, the chain will work better.

Something similar happened to some altcoins. Some big miner mined for a while, made some money, ran up the difficulty adjustment way up, and then stopped. Block generation then stalled. This thing self-adjusts, but adjusts to big changes in hash rate very slowly.

[1] http://blockdozer.com/insight/

11 blocks in the last 10 hours. Looks like the mining rate really is about one block per hour. That's an 83% drop in hash rate. Not enough to trigger an early hash rate reduction.

Whoever is mining should take about 20% of their capacity off line (presumably devoting it to the other Bitcoin) for a day to force the early hash rate reduction.

IIRC, this particular hardfork has a change to allow for fast downward adjustments of its difficulty after just a few blocks, in case too few blocks were found in the last 12 hours. It should already have enough blocks for this special code to get triggered.

Here's the code change.[1] "Triggering it require to lose 92% of the hashrate abruptly." That's protection against a total stall. It looks like hash rate is down, but not by that much. It may still take a while to get to the next difficulty adjustment. It's up to the big miners.

[1] https://reviews.bitcoinabc.org/D298

The emergency difficulty adjustment finally tripped, and block times are now around 25 minutes.[1] 40 blocks mined so far, 1208 to the next difficulty adjustment. So about 3 weeks to go until the next regular difficulty adjustment, which should bring block times down to the usual 10 minutes.

After that, BCC should function normally. The financial end is a separate issue; that won't be clear until BCC markets are fully functional.

[1] https://medium.com/@SimpleCrypto/bitcoin-cash-difficulty-adj...

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