Bitcoin Cash Fork Wars: Who’s Winning? (The Two Sides, Explained)

The Bitcoin Cash debate rages on as we approach Thursday’s hard fork.

There’s a very real possibility that Bitcoin Cash, as we know it, will split into two separate cryptocurrencies.

The two camps are deeply divided over technical (and political) disagreements. This isn’t just a debate over algorithm changes, it’s a fight over the true vision of bitcoin.

New to this debate? Here’s everything you need to know about the Bitcoin Cash hard-fork

So who’s winning?

Well, it depends on how you look at it.

Traders Are Backing the Bitcoin Cash ABC Project

Thanks to Poloniex – a crypto exchange which opened up pre-fork trading on both coins – we know that traders value Bitcoin Cash ABC about four-times higher than rival Bitcoin Cash SV.

Traders are currently pricing BCHABC at $390.

But they’re only pricing BCHSV at $111.

It’s a fairly clear indicator that traders are throwing their weight behind ABC. ABC is backed by bitcoin.com‘s Roger Ver, mining giant Bitmain and most large third-party service providers.

But Bitcoin Cash SV May Have More Miner Support

While traders are important in the debate, so are Bitcoin Cash miners.

Bitcoin Cash miners will have to choose which version of the upgrade they migrate to on November 15th, and early indications suggest Bitcoin Cash SV might have the edge.

The largest Bitcoin Cash mining pools, including CoinGeek, BMG Pool, okminer, mempool, and SVPool, have publicly backed Bitcoin Cash SV. 

Translated into hash power, the current estimates look like this:

Bitcoin Cash SV has at least 66% of estimated hash rate.

Bitcoin Cash ABC has at least 18% of estimated hash rate.

The numbers come from CoinDance’s hash power charts.

bitcoin cash hash rates

Hash power simply refers to the amount of computer power dedicated to cryptocurrency mining at any one time. If the majority of hash power is directed at one side of the fork, we can infer it has more support from miners.

In other words, it looks like miners might back SV.

These Figures are Estimates

It’s important to remember that figures on both sides of the debate are estimates.

Poloniex trading figures are based on a hypothetical market with relatively thin trading volume.

And the CoinDance hash estimates are based on how mining pools have indicated their support. Miners themselves won’t necessarily follow the public statements of their pools.

Bitcoin Cash ABC and Bitcoin SV Explained

Bitcoin Cash ABC – Lays the groundwork for enormous scaling in the future. Keeps the block size the same, while building functionality for new features like atomic contracts. Backed by Roger Ver, Bitmain, and supported by Coinbase, Binance, and other large third-parties.

Bitcoin Cash SV – Claims to be the true Bitcoin vision (or “Satoshi Vision”). Technical updates include a larger block size to improve transaction speed. Backed by Craig Wright, nChain, CoinGeek and a large portion of BCH mining pools.

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Ben Brown

Editor, Block Explorer News

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