Ever since the Bitcoin Cash fork war started, mining outfits have been taking sides between Bitcoin ABC and Bitcoin SV. Yesterday, BTC.top started mining on the Bitcoin ABC client. This move is enough to confirm what everyone suspected – Bitcoin ABC will win the fork war. When you add the Bitcoin operations, you’ll find that the BTC.top mining pool has more hash power than all the miners of Bitcoin SV combined. What this means is that the possibility of a potential attack from Calvin Ayre and the entire Bitcoin SV team has been neutralized.
Bitcoin Cash (BCH) Price Today – BCH / USD
The ceo of BTC.top Jiang Zhuoer made the announcement on Saturday morning. He said that it was high time the chaos within the Bitcoin ecosystem came to an end. The announcement on Twitter was as follows:
“We made a promise to respect the result of the hash war. In light of this, we have decided to move our hash power to the ABC chain and put an end to this chaos”.
Bitcoin.com and BTC.com has already mined a great number of intervening blocks. Typically, BTC.top contributes about 6% to the Bitcoin network. By contributing to the Bitcoin ABC client, they made up for 5% of the total blocks mined on it.
Zhuoer has published many Chinese articles about the Bitcoin Cash ecosystem war. While it has not been easy to decipher some translations because they were done in OCR images, he once posted something about the subject on an English blog. In his words:
“Therefore, without an effective mechanism for arbitration that can be used to prevent unnecessary splitting of the Bitcoin Cash Chain, the adoption of BCH will be impeded. This means that the number of users will reduce. The conflict in ideology is not based on power. Hash voting assumes the role of a jury thus reflecting the mind of the participants in the system. The BCH community has the power to decide if they prefer using all available methods to influence voting.
Hash and miner voting are two different things hash voting acts like a jury that reflects the opinion of the community.”
When it comes to a war between proof-of-work systems, the longest chain wears the crown. Right now, BCH ABC is the longest chain. It is consistently rising ahead of the Bitcoin SV chain. Zhuoer is yet to indicate how long his pool will mine Bitcoin ABC. Currently, however, it is mining Bitcoin Cash and Bitcoin. In fact, within the last week, about 10% of what was mined was from Bitcoin (BTC).
Bitcoin Cash (BCH) Price Analysis
Right now, the price of Bitcoin Cash is still strongly affected by the fork. Trading, withdrawals and deposits are still paused on exchanges around the world. At the time of writing, the price of Bitcoin Cash was at $361.27. This shows that it is down by 5.43% against the USD and down by 0.92% against Bitcoin. The trading volume over a 24 hour period is $280,945,796 and the market capitalization is $6,310,096,524. The price reached a new low during this fork and it may take weeks or even months to reverse the effect of the war.