Bitcoin Cash has been in the crossfire of many issues recently as 2 major oppositions and their respective forks have been leading a ‘HashWar’ to decide on who can claim the name and the BCH ticker for good.

The major forces behind the sides are currently Jihan Wu coupled with Roger Ver and companies under their ownership/control versus nChain lead by Craig Wright and billionaire investor and crypto-miner Calvin Ayre. We have previously reported on the pre-fork situation and how things progressed afterwards, now we are giving a short update on the post-fork situation.

Mining

Breaking news is that Bitcoin SV, the fork that is lead by nChain and Calvin Ayre, has almost caught up the Bitcoin ABC chain in the number of blocks mined for the first time since the BCH chain forked into 2. This is the result of Bitcoin SV’s growing hashrate, while Bitcoin Cash ABC’s is continuously falling. While Bitcoin Cash ABC is lead by no other than Jihan Wu, who is also the founder of Bitmain and owner of 1 million BCHs, it seems like the fork that is expected to win the war is steadily running out of steam.

An interesting thing here is that Roger Ver’s Bitcoin.com mining pool has increased its hashrate almost tenfold since the forking started, right after news came out that Bitmain is going round remote regions of China to search for mining facilities that can accommodate some of the 90,000 miners that should help in the battle. This makes us feel like these miners were mostly deployed on Bitcoin.com’s mining pool, but a great number has since been shut down.

Even though BSV has been adding hashrate, the accumulated PoW done through mining with a historically higher hashrate by Bitcoin Cash ABC could be a deciding factor in the war. This is a factor that can be flipped by BSV in case they can keep adding hashpower in the coming day/weeks.

(Image taken from cash.coin.dance)

Exchanges

Exchanges have taken a rather mixed approach on the Bitcoin Cash ABC vs Bitcoin Cash SV fight. Some exchanges have already taken a stance on naming and re-listing of assets, while others are still monitoring the markets.

The following exchanges list Bitcoin Cash ABC under the BCH ticker and will enable separate trading for the BSV chain:

Kraken

Huobi

Bittrex

Bitstamp

Coinbase

Bithumb

Upbit

Coinone

Korbit



Exchanges that went a different route:

Binance listed Bitcoin Cash ABC as BCHABC and Bitcoin Cash SV as BCHSV as explained in a tweet.

OKCoin did the same approach as Binance as can be seen on their website.

According to the co-creator of OKCoin, Jack C. Liu, some Chinese exchanges are naming the 2 coins “ABC as 吴比特 – Wu Bitcoin and SV as 澳比特 – Australia Bitcoin”

Price

The price of the 2 assets doesn’t really reflects the mining aspect of the war, but rather displays the economic power of the 2 parties involved. Jihan Wu event went as far as tweeting that he is looking for open deposits on the BSV chain so he can sell his tokens. This might be a hint at the 1 million BCH coins that Bitmain owns, meaning they own the same amount of BSV tokens right now.

Currently as it stands BCHABC is trading at 0.045556 / Bitcoin, while BCHSV is selling for 0.0183 / Bitcoin. One thing can be made here: the price of both coins counted together is still almost a 30% fall from the pre-fork price levels and is nearing all time low levels of BCH’s price. If we count only BCHABC, this would mean that an ATL is already reached. This shows that the market’s confidence in BCH is falling.

(Image taken from coinmarketcap.com)

Moving forward

Even though the accumulated work done by PoW mining and the economic support seems to imply that Bitcoin Cash ABC won the war, it seems like Bitcoin Cash SV doesn’t shy away from burning more money to try and out compete the other fork in long-term mining.

Currently as it stands, supporting either side is a very risky financial play as both chains are heavily insecure compared to Bitcoin.