The Bitcoin ABC chain is currently leading in the BCH hash wars after yesterday’s highly anticipated hardfork. Will ABC go on to become the dominant Bitcoin Cash? or are we in for a surprise form the Satoshi Vision?
The Bitcoin Cash [BCH] chain was officially split in two yesterday November 15, at 18:02 UTC; the last common block found at height 556766. As expected, the chain was divided along two prominent proposals from Bitcoin ABC and Satoshi Vision (SV). The split was confirmed when SV saw its first block mined at 18:29 UTC, two blocks into the hard fork.
Soon after the hardfork, the anticipated hash wars started as both sections fight for dominance. So far, Bitcoin ABC is taking the lead in the number of blocks mined after the split. At the time of writing, information from CoinDance shows the ABC side leading SV with just about 40 blocks extending from yesterday when the lead was just over 10.
What Both Parties are saying
Early on into the highly contentious hardfork, the SV chain took a brief lead and Craig Wright, who is more vocal on social media had this to say:
“In all this, no user transactions are lost — And SV is ahead.”
He posted a screenshot from CoinDance, which tracks the blocks mined after the hardfork, showing Bitcoin SV leading by 1 block at the time.
That lead was soon to be lost but Wright can take solace in a statement he made earlier—“A reminder, hash competitions are a marathon, not a sprint. Never look [at] victory too soon….”
On the other hand, Bitmain CEO Jihan Wu who is a major supporter of the Bitcoin ABC side broke his brief silence immediately the fork was successfully initiated. He tweeted:
“There will be no more negative gamma after this block in BCH community. Congratulations.”
In another tweet he wrote:
“Go away, build your BSV eco with Negative Gamma science. Leave BCH alone.”
The cryptic messages back up an earlier tweet where he said the whole bitcoin cash community was working together to kick Fake Satoshi out, referring to Craig Wright who once claimed to be the creator of Bitcoin, Satoshi Nakamoto.
Who stands where?
As Smartereum noted before the hardfork, the Bitcoin ABC had the support of industry heavyweights including Bitmain, Binance, Coinbase, and later BitPay. Bitcoin SV, for its part, was supported by Coingeek, the single biggest BCH mining pool.
The hashes for Bitcoin ABC came mainly from Bitcoin.com and BTC.com mining pools and later on, Antpool and Chinese mining pool Viabtc while SV chain was mined mainly by Coingeek and SV pool and later joined by BMG Pool.
At the time of writing a total of 154 post-hardfork blocks have been mined according to data from CoinDance. Also, the ABC chain shows a hashrate of around 7.9 exahash while the hashrate for the Bitcoin SV chain is about 4.3 exahash.
No Attacks Yet but will there be?
The BCH split is controversial because both parties are seem bent on a mission to wipe out the opposing party. This is evidenced by the fact that they refused to add replay protection,” or code that allows funds to be safely spent when a split occurs, according to an nChain press release before the fork.
Craig Wright of the SV side had suggested that his side would eliminate the ABC side. “An SV miner can even legally kill off a chain. That is the miner’s right. This is what bitcoin is,” he explained days before the fork when SV showed a superior hash rate over ABC.
So far, these threats have not been seen, neither have fears of a 51 percent attack or attacks by mining empty blocks been actualized. Crypto operators have suspended the deposit and withdrawal of BCH in other to protect users from losing due to double spend and attacks from hackers.
As the entire crypto community continues to observe, it’s only a matter of time until we know the winner in the hash wars and witness actions from stakeholders. As Smartereum reported, Coingeek owner Calvin Ayre, who is a key supporter of Bitcoin SV has declared that he will work to develop Bitcoin ABC if it wins after the hardfork. Similarly, individual miners are expected to move to the chain which is more economically viable after the split.