Crypto Community Readies For Blockchain Mining War At The Dawn Of Bitcoin Cash’s Hard Fork
Community Readies For War At The Dawn Of The Bitcoin Cash Hard Fork
The whole setup for the impending Bitcoin Cash [BCH] fork seems like a story of two generals looking to outmaneuver each other as they prepare for civil war, It has been reported that Calvin Ayre and Craig Wright had earlier threatened to launch a 51% attack. In response, A large reinforcement of miners is being deployed with the aim of adding to Bitmain’s current 120,000 mining machines, by adding at least another 90,000 new ones to give Bitcoin ABC an upper hand in any ‘hashware'. It appears Bitmain is taking the threat seriously.
The party will make their way towards the remote regions of China and will join the already present contingent of Bitmain personnel to achieve their target. The Chinese media has added to this, “‘Half of its marketing staff have gone to Xinjiang to talk with local mining operators about deploying equipment, source familiar with the matter said. But the Beijing-based mining conglomerate refused to comment on this issue.” It seems all mining resources in the region are being asked to expand to accommodate a further 5,000 machines per farm. While the cheap electricity in the region makes this an attractive option, space might be more of an issue.
The War Of The Bitcoins
Bitmain holds one of the largest reserves of BCH and has made it clear they are supporting Bitcoin ABC in the upgrade. This overt support is far removed from the “lend-lease” approach most third party were following up until now. After the position taken by Bitcoin SV, Bitmain felt such a deployment was the only way out.
Bitmain has claimed their current hashrate is just 2339.21 PH/s; which equates to about 5% of bitcoin’s network. A successful operation like this will mean Bitmain’s hashrate will be very likely double. If it does get close to the 10% mark, then they would be in a secure position against BCH’s entire current hashrate, at the moment hovering around 8% of bitcoin’s network. This defensive position will nearly guarantee an upper hand in the eventuality of any 51% attack.
In another development that seems to be to marshal their resources and prepare personnel for the ensuing conflict, Jihan Wu, Bitmain’s co-founder, has apparently resigned from the Bitmain’s board of directors. He is expected to join as a member of the group of supervisors preparing for the imminent chain fork. It is unknown whether that, in fact, is the reason or if this is in relation to an upcoming IPO as Jihan has yet to make a public statement about his intentions.
As many had feared, battle lines indeed seem to be have been drawn. Some in the community have condemned the extreme actions undertaken by Bitmain on behalf of their allay, BCH ABC. As always the flip side is that BCH SV is seen as the aggressor with their threats. It has yet to be verified if Craig and Calvin actually had the intention or even the resources to make good on those words. In any case, this sabre rattling has been at the most inopportune times for the general community, The time for peace is fast expiring and the industry is watching how badly this impacts everyone.