For the global network of miners driving the supply of the bitcoin cash (BCH) cryptocurrency, a different choice (zhan) (dui) may be taken ahead of this Thursday's (November 15) hard fork.
According to data from Coin Dance, a number of Bitcoin Cash mining pools, independent miners, and companies that provide computing power for Bitcoin Cash mining have indicated that they will support a software called Bitcoin SV, which is also the current version of Bitcoin Cash. The most widely used Bitcoin ABC software alternative on the web.
In fact, from early indications, Bitcoin SV may already control 76.39% of the mining power of the current Bitcoin Cash network. The question is, will that much computing power actually update its own software, and will it cause the Bitcoin Cash network to crash? While it’s still too early to answer this question, from “upstart” Bitcoin SV software proponents — including self-proclaimed “Satoshi Nakamoto” Australian cryptographer Craig Wright — Judging from the heated remarks, there may indeed be many people who "shift positions" and switch software.
Craig White has declared that he wants to destroy the Bitcoin ABC network, and even threatened Bitcoin ABC supporters on Twitter (Twitter). It is undeniable that Bitcoin SV does have enough strength to support Craig Wright’s “arrogance”, and its computing power accounted for 73.62% of the entire network in just one day—especially Craig Wright’s supporter Carl The computing power controlled by Calvin Ayre's mining platform CoinGeek also jumped from 30.6% to 41% in a short period of time.
In contrast, the computing power of the okminer and Mempool bitcoin cash mining pools has been greatly reduced. The computing power of the two mining pools accounted for 7.64% and 6.25% of the entire network respectively, and now both have dropped to 3.47%. More than 50%.
At the same time, the Bitcoin ABC mining pool that supports the leadership of Roger Ver seems to have some problems. Bitcoin.com, BTC.com, and Antpool previously controlled 8.33%, 4.86%, and 6.25% of the computing power respectively. The latter two mining pools are supported by Bitcoin Cash and cryptocurrency mining Controlled by giant Bitmain.
But as of yesterday (November 13), the computing power of the two mining pools controlled by Bitmain has dropped to 2.78%, while the network computing power controlled by Roger Ver has dropped to 6.25%.
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Price Volatility Issues Remain
While Bitcoin SV already has a clear advantage in terms of computing power, traders seem to have more confidence in Bitcoin ABC. At this stage, the trading price of BCHABC trading pairs offered by most cryptocurrency exchanges is higher than that of Bitcoin SV, but it should be noted that this price lead has begun to shrink. As of this writing, Bitcoin Cash is trading at $391 (in USDC stablecoin scheme) before the fork, down from $415 24 hours ago. In comparison, BCHSV’s trading price surged 22% to $136 in the same time frame.
Not only that, according to the data provided by TradingView, BCHABC may have some disadvantages in terms of transaction volume. Over the past 24 hours, it has traded just $876,258, compared to $818,375 yesterday (November 13). BCHSV, on the other hand, traded $969,715 during the same time frame, having even surpassed $1.2 million in the previous session.
