Bitcoin Cash Mining War Soars As Proposed Hard Fork Approaches

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Photo Credit: Blog.sfox

Ahead of scheduled technical updates for proposed Bitcoin Cash fork slated for Thursday, there are indications that the global network of computer operators who help power the Bitcoin Cash cryptocurrency may ply alternative routes.

According to data released by Coin Dance, Bitcoin Cash mining pools and individuals who provide computing power for the fourth major cryptocurrency are preparing to run alternative software called the Bitcoin SV instead of the popular Bitcoin ABC software which has been used since the network began operation.

As a matter of fact, early reports suggest that the new Bitcoin SV software may control 76.39 percent of the network’s current mining power.

Although it may be too early to conclude if these many computers will proceed to update their software, causing the network to split, nonetheless, there has been knee jerking rhetoric by those who support the new and improved Bitcoin SV, including popular Australian Cryptographer, Craig right who says this move may likely happen.

Craig Wright who is known to be a huge fan of Bitcoin SV has vowed to alienate the ABC network to the extent he threatened the ABC proponents on popular social media platform, Twitter.

Amid all the arguments, it is reported that Bitcoin SV’s hash power advantage rallied from 73.62 percent a couple of days ago. More so, CoinGeek, which is owned by Calvin Ayre a huge supporter of Wright now reportedly controls 41 percent of overall hash power.

On the flip side, okminer and Mempool have lost a significant number of the hash power. From controlling 7.64 percent and 6.25 percent respectively, each of them now controls only 3.47 percent of the overall hash power.

Elsewhere, mining pools supporting the Bitcoin ABC network and controlled by Roger Ver have made significant gains in their camp. Mining pools like Antpool, Bitcoin.com and BTC.com now control 4.86, 8.33 and 6.25 percent of the total hash power. It is also important to note that Antpool and BTC.com are spearheaded by ardent bitcoin cash supporter and hardware giant Bitmain.

Reports suggest that both of Bitmain’s pools only controls 2.78 percent of the total hash power, while Ver’s website now controls 6.25 percent of the hash power.

Although several mining pools have already chosen sides, there are still some who haven’t publicly declared which network they will help secure. One of such mining pool is ViaBTC which controls 7.64 percent of the network. Also, Northern Bitcoin, another mining pool has yet to commit to a particular side even though its chief technology officer Mortiz Jagger told Forbes that his company moved from Bitcoin to Bitcoin Cash to be among decision makers in the upcoming fork.

Price fluctuation

Without mincing words, while Bitcoin SV seems to be in obvious advantage, traders seem to have more confidence in Bitcoin ABC.

A look at BCHABC pair been offered for trading in advance on some exchange shows that the pair is trading higher than markets for SV. As at the time of writing this reports, the price is hovering around $391 having shrunk slightly from $415 just 24 hours ago.

On the flip side, BCHSV pair rallied 22 percent and currently trades at $136