Hash Wars: Bitcoin SV strikes back

In a Hard Fork not so far away ... the hash war rages. Opposite are Bitcoin Cash ABC (ABC) and Bitcoin Cash Satoshi Vision (SV). For a week, the two sides are already fighting. Who is in the lead?

Bitcoin Cash (BCH) was created on August 1, 2017 - as Hard Fork by Bitcoin (BTC). A good year later, another Hard Fork hit the scene, but the Bitcoin cash community quarreled and split. Since the evening of November 15, the hash of War has begun, which is still ongoing.

Hash Wars on Bitcoin Cash

To use a Star Wars analogy: Currently Bitcoin Cash ABC, thanks to a larger hash rate, would probably be considered the Empire. Bitcoin Cash SV is the underdog, the rebel - though the personality of Craig Wrights is more reminiscent of Darth Vader. Enough of the meager comparisons, let's take a look at the hard numbers of the two Bitcoin cash chains.

On cash.coin.dance the two versions are illustrated:

The hash rate was dominated by ABC with a few exceptions. Roger Ver, the operator of Bitcoin.com and the mining mines of the same name, was accused of tricking his pool customers. Instead of mining the more profitable Bitcoin (BTC), the hash power was used on Bitcoin Cash ABC. For example, Bitcoin.com's mining pool had more than 50 percent of the hash power on the ABC version of BCH. An emergency state, which is probably justified by the war. If one were to sound the alarm under normal circumstances and point out the 51 percent attack, the purpose now justifies the means. Meanwhile, ABC has a healthier distribution in the hash rate. At the time of writing, Bitcoin.com "only" consumes just under 40 percent of the cake.

Things are different for 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 the "Satoshi Vision", supporting Craig Wright. However, the majority hash rate per se does not necessarily mean that a 51 percent attack also happens. However, it is said that such an attack would probably be successful. Of course, the question arises as to why Ayre should attack his own coin (SV).

Another interesting graph is named "Total Proof of Work per Network". 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. That's ABC.

And indeed, the ABC version has been able to claim the name "Bitcoin Cash" and the ticker symbol BCH for many exchanges. "Fraud!" Exclaims the opposition, referring to the stolen hash power. In addition, Bitcoin Cash has built ABC out of fear of a 51 percent attack from Bitcoin Cash SV checkpoints. This means that a reorganization of the blockchain is possible only in a limited framework. If that does not cheat, then at least a massive centralization of a supposedly decentralized protocol.

The race is not quite over yet, while writing Bitcoin Cash SV was in the lead for three short minutes. Overall, SV has been able to catch up well in the last week. Is ABC slowly running out of steam? At the moment, ABC has 52 percent of the hash rate and SV 48 percent.

If you win the race, you can follow Coin.Dance in real time. It remains exciting.

The revenge of Satoshi Nakamoto?

The self-proclaimed Bitcoin inventor, Craig Wright, does not give up. Although he is obviously losing, he is optimistic. In livestreams "Faketoshi", apparently slightly drunk, spits out great sounds - as it did before the Hard Fork. He wants to "burn down" ABC and Roger Ver and Jihan Wu "take whatever they have." He does not care about money, says Wright - and in the same breath presents his expensive watches. His breath reaches to 2026 - so he is preparing for a long war. Bitcoin (BTC) would then be in Wright's sight next.

In addition to some technical arguments fall mainly personal insults that do not alleviate the dispute, but make at least entertaining.

War knows no winners

While ABC and SV shred each other off, much of the Bitcoin (BTC) community sits on the sideline watching the action. In my opinion, Wright makes his performances more and more unpopular. On the other hand, Roger Ver is allegedly committing fraud to save his version and centralizing the ABC protocol out of fear.

Even though the war is not over, it seems to me that nobody can win anymore.