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Bitcoin Cash SV and Bitcoin Cash ABC Vying For Hash Rate

Oindrila Banerjee
Oindrila Banerjee
A English Literature student, love reading books, love literature and history, and enthusiastic about travelling. She likes to read random pieces of information and like watching films. She likes how refreshing it is to learn something new everyday. Her goal is to earn enough to take a trip round the globe.

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With the fast-approaching Bitcoin Cash hard fork, Bitcoin Cash SV and Bitcoin Cash ABC are vying for hash rates; and Bitcoin Cash SV is clearly being favored by a majority of hash powers, shows Coin Dance data on November 12.

Favored by Australian computer scientist Craig Wright’s nChain, the Bitcoin Cash SV iteration is being backed by 66–77 percent of Bitcoin Cash (BCH) miners, based on currency hash rates. The crypto evangelist Roger Ver favored Bitcoin Cash ABC is dawdling behind with 18-29 percent backing.

The data is an estimate made on the basis of which coins are being shown support by the mining pools after the eventual hard fork. Coin Dance has noted that of the 2,246 nodes running on the Bitcoin Cash network; 1,079 are Bitcoin Cash ABC nodes, and 166 are Bitcoin Cash SV nodes.

Neither of the two factors is, however, any indication of which camp shall emerge triumphant ultimately. It is cheap to launch a Bitcoin node, and, in theory, a user could launch several nodes upon spending less than a few hundred dollars. While the hash rate is crucial for Proof-of-Work (PoW), the hash is wasted if a coin is not accepted by exchanges. At press time, Bitcoin Cash ABC is trading on Poloniex at $393, while Bitcoin Cash SV is doing the same at $107.

In the meantime, the controversy surrounding the hard fork took a personal turn earlier this week, as arguments from each side’s largest proponents, Ver and Wright, became more strongly worded. Wright, who had previously claimed to be Bitcoin (BTC) inventor Satoshi Nakamoto, allegedly claimed in an email that Ver “hates Bitcoin” and regards him as “an enemy.” Wright reportedly went on to finish his email by repeating, “I AM Satoshi” and condescendingly telling Ver that “Have a nice life. You will now discover me when pissed off.”

According to data from CoinMarketCap, at press time, Bitcoin Cash is down 4% on the day, trading at 508.60.


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