Tomorrow’s BCH Hard Fork Escalates Hash Power Mining Wars in the Bitcoin Cash Community
The fast-approaching BCH hard fork has shaken up the crypto community as there are indications that miners might be taking different paths than previously stated.
Bitcoin Cash SV is the leading proposition, with support from more than 61% of all mining power. The Bitcoin Cash ABC update, seen as almost certain, has been backed by between 18% and 31% of all miners. Simultaneously, the hashrate on the BCH network is just a portion of the whole of SHA-256 hashrate. It's unclear if the conflict would be only between the dedicated Bitcoin Cash pools, or if some of the Bitcoin hashrate would move to one of the two chains. For now, the expectations are that one of the Bitcoin Cash versions will not survive;
Up till the time of publication, both of the Bitmain’s pools controlled only 2.78% of the power each, whereas Roger Ver’s website made 6.25%. ViaBTC controlled 7.64% of the network.
“To find a victor early on and then move forward with building BCH to be a global currency. It is in part one of the reasons why Calvin Ayre referred to this possibility as market manipulation. I asked Calvin on his position should ABC win the hash battle, and he responded ‘If ABC wins, then I will follow and constantly work on striving to make future changes for better.’”
Notably, Coingeek is driving the SV implementation, comparing it to the view that “cryptocurrency needs to be seen as currency”, outlining Bitcoin ABC as “driven to completely alter the work” that has been don. They claim that this, in part, would start anonymity to the BCH chain, which they claim is not what digital currencies should include.
Even though on paper, Bitcoin SV seems to be having a clear advantage over Bitcoin ABC, traders seem to be more confident on ABC. It can be seen from the fact that trading pair BCHABC still trades at a higher price than that of SV.