Craig Wright vs Jihan Wu Rivalry: Will BCHSV 70% Overthrow Bitmain’s 90,000 New Crypto Miners?
The frosty relationship between Craig Wright and Jihan Wu is far from ended, if anything, it seems to have worsened if the new dimension it has assumed is anything to go by.
The two blockchain experts are basically at war again over control of Bitcoin Cash Chain network after the split (as against the fork). Reports emerging suggest that Craig Wright, an Australian computer scientist and self- styled creator of Bitcoin is finally in full control of Bitcoin Cash network (BCH).
Wright is a strong proponent of the implementation of the Bitcoin Cash [BCH] blockchain having previously hinted about the November 15-scheduled hard fork. But it is very unlikely that Jihan Wu, co-founder of Bitmain, the largest ASIC chip producer in the world, with whom Wright had not been in good terms, will be willing to relinquish its control of majority of hashpower in order to smoothly assume full control of the BCH chain.
In what has culminated in a serious competition between Wright and Jihan, Bitmain will now be deploying about 90,000 new miners, a strategy that’s designed to cause an increase in their miner count. This will increase the number of miners on the network from 120,000 to about 200,000.
This is coming on the heels of information regarding Wright’s mining pools trio of Coingeek, SVPool, and BMGPool, having reportedly taken control of more than 70 per cent of the network. The new development will present something apparently dangerous but extraordinary system which gives Wright a substantially large stake of the BCH blockchain until the chain split recently.
Meanwhile, the reputation of Wright, who is jokingly referred to as “Faketoshi” for his apparent doubtful claim of being Satoshi Nakamoto (Bitcoin’s reclusive and unknown creator), has been called to question on many occasions over what many consider as his fraudulent and wild activities in the crypto sector.
Jihan had categorically referred to Wright as a ‘blockstream spy and a fraud.’ Whilst, Wright had declared that Jihan undermined his team’s vision to scale up Bitcoin Cash Chain Satoshi vision (SV) earlier in the week, insisting that the latter wanted a different path.
But what the creators of the Bitcoin Cash Satoshi vision are proposing is to see the size of BCH move from 32MB to 128MB, thus, causing an increase in the scalability of the BCH chain.
“Because miners should drive the roadmap in the Bitcoin space, CoinGeek and other miners asked nChain to create a professionally-driven implementation of the Bitcoin full node software (for use on BCH) that restores the original Bitcoin protocol.”
Wright has vocally expressed his pessimism about the immoral and criminal purposes for which his opposition, Jihan’s Bitmain, ABC and Roger Ver will deploy the BCH chain.
As a matter of fact, Wright is of the opinion that the trio will utilize the chain network for child pornography.
But as it currently stands, Coingeek retains over 43.75% during the last day, with SVPool having around 18%, and nChain’s BMG Pool pools 9.03% stakes.
The distribution signals some insinuations that the entire hashrate of the BSV has been deployed, with a belief that the hashrate clash could only be settled via third-party mining pools. Meanwhile, situation projections suggest that the development could deepen further.
However, experts believe that Bitmain is the creator of the weapons with which the new war is being fought. There is no doubt that Bitmain is fighting to retain BCH as an asset, seeing as any attempt to liquidate the asset will cause a huge loss of the entire market by Bitmain.
Meanwhile, Jiang Zhuoer, the founder of BTC.TOP, a mining pool which takes control of about 10% of Bitcoin’s hashrate, believes that there a balance of power between the two. However, if Wright wants to have an edge, it must be prepared with adequate financial power to wrestle the hash power from Bitmain.
“Bitmain can call BTC’s computing power for BCH computing power, so the computing power is more than CSW. CSW must have a financial advantage and a stronger will to burn money in order to win.” Says Zhuoer.
In the same vein, Haipo Yang, founder of ViaBTC, who supports Bitmain and ABC, also maintains that
“the ABC chain has a lot of support financially as it is said to be the implementation that many of the exchange platforms have decided to support, owing to the fact that many platforms already do support the implementation.”
It is unclear though whether Bitcoin SV chain despite taking control of larger percentage of the hash power could compete favorably with ABC implementation level of 51 per cent.
Moreso, Bitmain’s tools also hang over Bitcoin SV, a situation that many feel might hinder the latter from holding onto their 70 per cent dominance.
However, one advantage the Bitcoin ABC implementation has is the greater support it has enjoyed in its implementation via Binance, Coinbase, and OKEx.
In line with these bullish trends favoring Bitmain and Bitcoin ABC, sources close to the issue in China sticks their neck for Bitmain, stating:
“Half of its marketing staff have gone to Xinjiang to talk with local mining operators about deploying equipment. A single [AntPool] mining farm should host over 5,000 machines,”
The good news is, the confidence level displayed by the ABC camp of the BCH continues to rise with Bitcoin SV insisting that it is not going to change the structure of BCH protocol because it feels that the network is currently in good state.
Meanwhile, the focus of the camp is to improve its zero confirmation transactions in order to make the coin utilizable. The will enhance fungibility, and scalability.
For now though, the duo of Calvin Ayre and Faketoshi Wright have 50% control, which means they control the network to some degree. Will that change? Only time will tell.