The miners who help operate the bitcoin cash cryptocurrency are showing signs that they are split ahead of a technical update shceduled for this Thursday..
Coin Dance, a community-driven Bitcoin statistics service websites data suggests that a majority (an estimated 76.39 percent of the network’s current mining power.) will be running a version of the software called Bitcoin SV an alternative to the Bitcoin ABC software which is most used on the network today.
At this moment it is too early to tell how many will update their software but there is much disagreement and strong rhetoric being used by those backing the Bitcoin SV fork. This includes Craig Wright who has recently been involved in an online spat with Bitcoin Cash advocate Roger Ver. Wright has vowed to destroy the ABC network, going so far as to threaten ABC proponents on Twitter.
Bitcoin Cash is vulnerable to such attacks as over 50 percent of the mining power has at times been controlled by just one group.
CoinGeek, the platform owned by Wright supporter Calvin Ayre, jumped from controlling about 30.6 percent of the overall hash power to 41 percent.
Okminer and Mempool both lost a large portion of the hash power, falling from 7.64 percent and 6.25 percent respectively to 3.47 percent each.
Supporters of the Bitcoin ABC implementation of Bitcoin Cash fronted by Roger Ver have made their own gains.
Bitcoin.com, Antpool and BTC.com now control 8.33, 4.86 and 6.25 percent of the total hash power respectively. Antpool and BTC.com are controlled by BTC ABC supporter and hardware giant Bitmain.
At the time of writing, both of Bitmain’s pools only controlled 2.78 percent of the power each, while Ver’s website had 6.25 percent.
Bitmain is heavily invested in BCH and could divert mining resources from BTC to support the BTC ABC implementation. This would come at a cost to Bitmain as BCH is currently less profitable to mine than BTC.
Several mining pools are yet to publicly declare support for either side. The largest pool to do so is ViaBTC which controlled 7.64 percent of the network total yesterday, although its percentage dropped to 2.08 earlier this afternoon. Another pool called Northern Bitcoin has switched from mining bitcoin to bitcoin cash to be one of “the decision makers on the upcoming fork.”
What is curious is that whilst Bitcoin SV has the hash power advantage, the market seems to have more confidence in Bitcoin ABC.
BCHABC, a trading pair being offered in advance at some exchanges, is trading at a higher price than markets for SV, although its lead has shrunk slightly. As of this afternoon, pre-fork trading of the token hovered around $391 (priced in the USDC stablecoin), down from $415 just 24 hours ago. BCHSV’s price surged 22 percent in that time period to reach $136.
According to TradingView, BCHABC may be seeing less interest in terms of volume, with only 876,258 USDC traded over the past 24 hours, up from 818,375 yesterday.
BCHSV, alternatively, saw 969,715 USDC in volume over that period, although this fell from more than 1.2 million USDC traded previously.