Turns out that both sides in the Bitcoin Cash hashwar are in danger of burning themselves out.
Craig Wright and Calvin Ayre’s Bitcoin Cash SV (BCHSV) is closing the gap on block height. At the last count it was 20 blocks behind.
BCHABC still in front in hashwar of attrition
However, when it comes to hashrate Bitcoin ABC (BCHABC) is still out in front, with 59% to 41%. BCHABC is priced at $264 and BCHSV still trailing at $138 on Binance. Poloniex has disabled its BCH ticker, although . BCH price is still being quoted on coinmarketcap ($388).
BitMex Research estimates that both sides are losing money. BCHSV is losing $278,000 and BCHABC $439,221.
Bitcoin Cash ABC miners are also making considerable daily losses, even larger losses than SV miners, according to our estimates. pic.twitter.com/uMS9LiYUXS
— BitMEX Research (@BitMEXResearch) November 16, 2018
As the screenshot above from cash.coin.dance shows, ABC is consistently ahead on hashrate and PoW.
How much longer this war can go on before a winner is declared is anyone’s guess but we are still betting on ABC, backed as it is by Jihan Wu’s Bitmain and Roger Ver owner of bitcoin.com pool. The BCHSV bunch say they have “hidden hashrate”, but how much more they have in reserve is the question.
What a waste…
And all this time and effort is being expended on a network that no one uses to buy anything.
This billionaires war is not good for BCH, as the price continues to plummet or crypto in general, which is why prices started falling across the board when the fork started.
Proof-of-work consensus is being called into question as the miners throw their weight around. Sharkpool, associated with BCHSV, is threatening to attack “shitcoin” chains as well as ABC.
Weiss Ratings claims that people in the bitcoin.com pool are being forced to mine Bitcoin Cash ABC.
Roger Ver's https://t.co/ep2vDMCdMc mining pool is forcing everyone to mine #Bitcoin Cash, even if they don't agree with it. This really shines a light on how decentralized the world of Proof of Work mining really is. #NotSoDecentralized #Pow #BCH
— Weiss Ratings (@WeissRatings) November 16, 2018
There are also rumours (but no evidence) that Wright is secretly mining a hidden chain. There were other tales about SV nodes crashing but, again, there is no hard evidence of this.
As far as hashrate goes, we do know that SV is losing, but whoever wins, Bitcoin Cash is the big loser. Will it recover?
Lastly, when things are going to well Craig Wright does what he does best – lashes out, this time at John McAfee:
Just a reminder
McFee is a conman and scammer
Remember that "unhackable" wallet with zero Security a few months ago. https://t.co/EH2l69LSzF
— Dr Craig S Wright (@ProfFaustus) November 15, 2018
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane