Bitmain vs. Coingeek: Who Can Win the BCH Hard Fork War?
As the whole crypto community is eyeing the upcoming Bitcoin Cash (BCH) hard fork, the war between Bitcoin ABC and Bitcoin SV (Satoshi Vision) is continuing to escalate. It will also be a new challenge for Bitmain.
According to Bitmain’s IPO financial statement, Bitmain holds over one million BCH. As thus, the BCH hard fork on Nov. 15 will have a big effect on Bitmain’s future.
It was reported that Bitmain has rushed to deploy around 90,000 Antminer S9 machines to China’s western region of Xinjiang in order to “overweight” in the looming hash war against Bitcoin SV.
The Bitmain-powered Bitcoin ABC gains the support of three major exchanges: Bitpay, Binance, and Coinbase; while the Bitcoin SV was backed by the largest Bitcoin Cash mining pool, Coingeek.
According to Coin.Dance, a Bitcoin network data provider, as of press time, there are about 600% more Bitcoin Cash ABC nodes than Bitcoin SV nodes.
However, node is not the only main factor in the BCH hard fork war. Under the PoW consensus mechanism. ‘Hash’ is also a keyword.
Coin.Dance’s data shows Bitcoin SV has recently gained support from 66% of mines on the BCH network, mainly from three mining pools: Coingeek, SVPool, and BMGPool. While Bitcoin ABC only being supported by 32% of the hashrate.
Nevertheless, it is also worth noting that, both BTC and BCH utilize the same SHA256 hashing algorithm. Which means Bitmain could switch over the hashrate from BTC to BCH if needed. Although this would cause a 25% loss due to the low price of mining BCH and the transaction fees.
Since Bitmain is still in its IPO process, Craig Steven Wright (CSW), who is advocating for Bitcoin SV, threatens that he would sue the firm if Bitmain uses BTC computing power to overweight the BCH hash war.
However, Jiang Zhuo’er, founder of the BTC.TOP mining pool indicated that, CSW’s charge may be meaningless as Bitmain does not have to use all its 20,000P computing power.
If Bitmain only uses a portion of the BTC computing power and declares they are using its own hash, miners won’t sue the firm as long as they get paid in BTCs as usual. As it is hard to tell what kind of coins they are mining.
If Bitmain chooses to fight back by switching over the hashrate form BTC to BCH, Bitcoin ABC will hold an upper hand in the hash power battle.
However, hash isn’t everything either. According to CCN, all the hash in the world could point at a token that wasn’t widely accepted by exchanges and it would essentially be wasted hash.
8btc will keep an eye on the result of the protracted hash war.