Bitcoin Satoshi Vision (SV) Mining Power is Still Strongest Ahead of Bitcoin Cash (BCH) Hard Fork
We are upon the Bitcoin Cash (BCH) hard fork. This new fork will be as important for the Bitcoin Cash community as the original fork that created the token was back in 2017. Now, before the fork finally happens, the two factions (Bitcoin ABC and Bitcoin Satoshi Vision) are warring for the control of the network and its hash rates.
Despite Bitcoin ABC, which is supported by the giant Bitmain, being a strong competitor, it looks like Bitcoin Satoshi Vision (SV) is ahead at the mining pools. Right now, according to Coin Dance, Bitcoin SV pools have lost some of their relative hash power over the network in the past 24 hours but they still maintain the majority of the pools with over two-thirds of the hash rate, having 72.22 percent of the current power now.
At the same time, the mining pools likely to support Bitcoin ABC mined 16.66 percent of the current network’s power. They increased their power from 11.11 percent in the last 24 hours, but it looks like they will not even match the 19 percent of the network that they controlled last week, so the situation seems dire indeed for Bitcoin ABC.
The Threat For Bitcoin ABC
The people who root for the future of Bitcoin ABC are in a dire situation. As Bitcoin SV is being supported by SVPool and CoinGeek, it controls over 51 percent of the hash power in the network, meaning that the two pools are potentially able to mine empty blocks on the Bitcoin ABC network as Craig Wright threatened them earlier.
While it remains unclear whether the promise of a 51 attack will be made or not, the danger is certainly real. Despite the clear support that Bitcoin SV has around miners, Craig Wright, which has been recently defined himself the real Satoshi, which prompted Jihan Wu to call him “Faketoshi”, has recently accused of sabotaging the future of Bitcoin ABC if they went ahead, which is not a very decentralized attitude.
Price Action Before The Fork
The Bitcoin Cash hard fork is set to happen at 16:40 UTC today, November 15. As many exchanges are supporting the fork, the prices of the two nascent tokens are divergent now in the pre-fork trading at Poloniex and other exchanges.
BCHABC’s price has risen to $289.58 USD, nearly 11 percent up, while BCHSV’s price has dropped 45.54 percent, now at $122 USD. The prices are very volatile right now, which is not very good for the BCH community but pretty good for speculators. Right now, Bitcoin Satoshi Vision’s price continues to drop and it has dropped to $90 USD right now.
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