In a Hard Fork not so far away… raves the Hash War. Opposite are Bitcoin Cash ABC (ABC) and Bitcoin Cash Satoshi Vision (SV). The two sides have been fighting each other for a week now. Who is in the lead?
Bitcoin Cash (BCH) was created on August 1, 2017 – as a hard fork from Bitcoin (BTC). A good year later another Hard Fork was on the agenda, but the Bitcoin Cash community broke apart. Since the evening hours of November 15th, the Hash War has started and is still going on.
Hash Wars on the news spy
To use a Star Wars analogy: Currently, Bitcoin Cash ABC would be considered the news spy, thanks to a higher hash rate. Bitcoin Cash SV is the underdog, the news spy – even if Craig Wright’s personality is more reminiscent of Darth Vader. Enough of the poor comparisons, let’s take a look at the hard numbers of the two Bitcoin cash chains.
The two versions are illustrated on cash.coin.dance: The hash rate was dominated by ABC with a few exceptions. Roger Ver, the operator of Bitcoin.com and mining pool of the same name, was accused of cheating his pool customers. Instead of mining the more profitable Bitcoin (BTC), Hashpower was used on Bitcoin Cash ABC. For example, the mining pool Bitcoin.com sometimes had over 50 percent of the hash power on the ABC version of BCH. A state of emergency that is probably justified by the war. If one would sound the alarm under normal circumstances and point out the 51 percent attack, the end justifies the means. Meanwhile ABC has a healthier distribution in the hash rate. Time of writing Bitcoin.com “only” takes up about 40 percent of the cake.
The situation is different at Bitcoin SV
The mining pool of billionaire Calvin Ayre, Coingeek, accounts for over 60 percent of the total SV hash rate. Ayre is the financial force behind “Satoshi Vision” and thus supports Craig Wright. The majority hash rate in itself does not necessarily mean that a 51 percent attack will happen. However, it is said that such an attack would probably be successful. Of course the question arises why Ayre should attack his own coin (SV).
Another interesting graph is called “Totaler Proof of Work pro Netzwerk”. The solution of all PoW puzzles is added and weighted according to difficulty. ABC clearly has the edge here. Depending on the definition “the true Bitcoin (Cash)” is the one with the most accumulated Proof of Work. This is therefore ABC.
And indeed, the ABC version has been able to claim the name “Bitcoin Cash” and the ticker symbol BCH for many Exchanges. “The opposition shouts “Fraud” and refers to the stolen hash power. In addition, Bitcoin Cash has installed ABC for fear of a 51 percent attack by Bitcoin Cash SV Checkpoints. This means that a reorganisation of the blockchain is only possible to a limited extent. If that’s not cheating, then at least a massive centralization of a supposedly decentralized protocol.