The Hashing War BeginsOne of the major criteria thought to contribute to the success of a forked chain is its length. The more hashing power a blockchain has, the more blocks are mined and the length of the blockchain is thus increased. Shortly prior to the fork, Ver stated that his pool, Bitcoin.com, had more hash rate than the entire Bitcoin Cash network — in what appears to be a scare tactic for Bitcoin SV proponents.
Exchanges ReactNow, Bitcoin Cash (BCH) has been removed from several large exchanges and has been replaced by two separate trading pairs — Bitcoin ABC and Bitcoin SV. Binance was one of the first to credit its users with the forked coins, distributing what it calls BCHABC and BCHSV at a 1:1 ratio. Bitfinex has also made the switch, closing down all BCH trading pairs and crediting their users with BAB and BSV, while mentioning that the BCH ticker will not be applied to either chain until the fork is complete — likely meaning until there is a clear leader. Not content with simply observing, BitMEX appears to have chosen its favorite by recently estimating how much money it believes Bitcoin SV miners are burning while trying to catch up to Bitcoin ABC.
The vast majority of exchanges have disabled both deposits and withdrawals of Bitcoin Cash, ABC, and SV, while the networks stabilize. With neither side looking unlikely to yield, which coin do you think will come out on top — Bitcoin ABC or SV? Do you think that the fork was for the good of the community, or just an attempt at a money grab? Let us know your thoughts in the comments below!
Although the ABC SV split is entertaining, we estimate that SV miners are burning US$280,000 per day mining the SV chain.— BitMEX Research (@BitMEXResearch) November 16, 2018
* S9 miners
* Able to sell SV coins at the current spot price ($100)
* 5 cent per kWhhttps://t.co/U9hbK4peip pic.twitter.com/ULjwWSI0GA
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