Right after the Bitcoin Cash hard fork was activated, everyone in the cryptocurrency community was waiting anxiously to see who will take the lead between Bitcoin ABC and Bitcoin SV (the two dominant competing clients). The two chains diverged at block 556767 indicating a network upgrade. The first two blocks were mined by Bitcoin.com following the Bitcoin ABC rules. The Bitcoin SV client marked these two blocks as invalid right after.
Bitcoin Cash (BCH) Price Today – BCH / USD
The Bitcoin ABC client comes with features that were stipulated on the Bitcoin Cash roadmap. It maintained an edge that was in line with the community and economic support metrics. About three-quarter of the node operators are using the BCH ABC client while just 8% of all node operators are using BCH SV client. Before the fork happened, the market priced the Bitcoin Cash ABC as a premium of $320 while it priced Bitcoin SV at $80. Most of the companies that support BCH have declared support for Bitcoin ABC. Some have claimed that the Bitcoin Cash logo will be edited and Bitcoin ABC will be added to it. Everyone expected that the hashrate for Bitcoin ABC will be far higher than others. However, the major competing client, Bitcoin SV led by Craig Wright, has managed to amass a dominant percentage of the hashrate. A few minutes before the fork was activated, Bitcoin SV was allegedly controlling about 75% of the total mining power on the network.
The SV supporters had initially declared that they would dominate the industry and seize control of the power to manipulate blocks by gathering at least 51% of the computing power on the network. They also said that they will use their computing power to attack the BCHABC by miming empty blocks exclusively and changing the arrangement of the blockchain until they eventually gain the economic majority.
Roger Ver, popularly known as Bitcoin Jesus and owner of Bitcoin.com recently declared his support for ABC. In a bid to fight back, Bitcoin.com has moved all its hash power to mining Bitcoin ABC. This includes the hash power that is usually used to mine Bitcoin (BTC).
The lead developer for Bitcoin ABC has said that he would change the BCH proof-of-work if the Bitcoin SV group successful attacks and disrupts the ABC network. He has dubbed this move a last resort ‘nuclear option’. Hopefully the two groups will reach consensus before it gets to this stage. Jonathan Bier, a BitMex researcher predicted that the winner of the fork war will be the team with the economic majority. While this may seem like the Bitcoin SV team, he said that miners will eventually abandon the Bitcoin Cash SV chain instead of suffering indefinite shortage.