By now, every crypto enthusiast is well aware of the Bitcoin Cash fork. The crypto forked on November 15, giving birth to two main chains: Bitcoin ABC and Bitcoin SV. The two have since then been involved in a territorial war, with each striving to become the main chain. ABC is led by Bitcoin.com CEO Roger Ver while SV is led by Craig Wright, the man who proclaimed himself to be Satoshi Nakamoto. A press time, ABC was leading with 19 blocks over SV and controlled he majority of the mining power, but SV is slowly closing the gap.
The Fight For Domination
Every year, Bitcoin Cash receives updates to its network which are meant to make it better. This year however, the community disagreed on the best way to implement the changes. One faction led by Roger Ver supported the changes proposed by Bitcoin ABC, a blockchain software company while the other faction supported changes proposed by nChain, a company owned by Craig Wright. A hard fork was therefore inevitable.
Before the fork, analytics website Coin Dance had indicated that SV had over 70 percent of the mining power. However, as soon as the fork took place, the tables turned and ABC took over. Shortly after, ABC had a four block lead over SV and this trend continued. ABC dominated the early blocks and the mining power, at one point being 50 blocks ahead of SV.
ABC’s lead was mainly boosted by the high mining power offered by Bitcoin.com mining pool. The mining pool is controlled by Roger Ver, the leader of the ABC faction. The other two mining pools, BTC.com and Antpool also contributed a lot of mining power. The two are owned by Bitmain, the Beijing-based ASIC manufacturer led by Jihan Wu. Wu had pledged his support for ABC and had even reportedly vowed to fight Craig Wright ‘to death.’
At press time, ABC was still on the lead with 16 blocks mined. It also had a lead on the mining power, with its hash rate standing at 60 percent, compared to SV’s 40 percent. However, SV has been closing the gap down gradually. At one time, ABC was 50 blocks ahead of SV, but SV has closed down this gap and it currently stands at 16 blocks. This has been attributed to Bitmain and Bitcoin.com mining pools wearing down as they had given their all immediately after the fork.
It remains to be seen who will take over as the new face of Bitcoin Cash.
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