Bitcoin Cash, the most successful bitcoin offshoot, has officially split into two at 18:16 UTC on November 15.
Since two factions of the contentious debate leading up to the hard fork failed to come to a compromise, two competing implementation of the code, Bitcoin ABC and Bitcoin SV, have been activated and two different coins, BCHABC and BCHSV, survive in the split.
It is too early to tell which will win out and remains unclear when the hash war will come to an end,although Jihan Wu, co-founder and CEO of the crypto mining giant Bitmain which is a loyal proponent of Bitcoin ABC, took to twitter shortly after the split occurred to celebrate their victory, saying “there will be no more negative gamma after this block in BCH community. Congratulations!”
As of press time, miners of both sides continue to mine blocks on their own chains. Bitcoin ABC are currently leading Bitcoin SV in terms of hash rate and network nodes, according to Coin.Dance,a leading Bitcoin network data provider. Under the new consensus rules, 129 blocks have been mined, wherein Bitcoin ABC is 53 blocks ahead. Yet blocks on the Bitcoin ABC chain are filled up with small transactions.
Bitman and its allies have amassed as much hash rate as possible in the hash war to help Bitcoin ABC become the dominant chain.The mining pool Bitcoin.com owned by Roger Ver is the dominant player The post from Bitcoin.com has informed their users in advance to divert hash power to mine BCHABC. “Your hashrate will temporarily be used to create BCH blocks during this 1 day period” adding that payments will be made “according to the coin you want to mine (BTC, BCH, or auto profit)”.
As of 17:20 UTC, the hash rate of Bitcoin.com increased by 1593.09% over the past 24 hours to 4081.03 PH/S which,surpassing Coingeek, a backer of Bitcoin SV, became the largest bitcoin cash mining pool then.
Further, many Chinese mining pools such as BTC.Top and huobi also joined the hash war by reportedly stealing client’s hashrate to mine BCHABC blocks.
However, Bitcoin SV, the other side of the game, and its supporters have not surrendered. Craig Wright, the self-proclaimed creator of Bitcoin, known as “Fake Satoshi” and an ardent proponent of Bitcoin SV said on Twitter today, ” Game on”. He also added “hash competitions are a marathon, not a sprint. Never look victory too soon….”
He once threatened to launch a 51% attack against Bitcoin ABC chain, by mining empty blocks on it. If happened, Bitcoin ABC coulBd defend itself against such an attack in several ways.For example, the ABC development team could change its its proof-of-work algorithm or simply wait out the attack, as mining empty blocks for long would drain Bitcoin SV’s resources.
According to data from Poloniex, BCHABC is currently trading at about $278(priced in the USDC stablecoin), more than three times the price of BCHSV, which is trading at $91.And crypto exchanges around the world have suspended BCH deposits and withdrawals amid uncertainties.
There is no winner in the Bitcoin Cash hash war which risks descending into a war of attrition.
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