Bitcoin ABC Holds Onto Its Lead, What It Means For The Bitcoin Cash Community?

Steve Kaaru Altcoin News PublishedNovember 18, 2018 | ModifiedNovember 18, 2018

Bitcoin Cash Fork

Bitcoin ABC Holds Onto Its Lead, What It Means For The Bitcoin Cash Community?

  • Bitcoin ABC with a clear lead over Bitcoin SV
  • Bitcoin SV gaining albeit gradually
  • The war of words between the two camps continues

The Civil War

By now, every crypto enthusiast knows that Bitcoin ABC and Bitcoin SV are the only two chains that survived the hard fork on Thursday. ABC, led by Roger Ver, has continued to dominate its rival, both on the number of blocks mined and the mining power. At press time, ABC was 16 blocks ahead and controlled 62 percent of the network hash rate according to Coin Dance, an analytics website. It also has a 52.3 percent lead on the proof of work.

However, SV has made some gains in the past 24 hours that have seen it gradually cut off ABC’s lead. At some point, ABC was 50 blocks ahead, but SV has since then cut the lead to 16. According to some experts, this indicates that the pools behind ABC were slowly wearing out and SV was gradually catching up. One of these is Francis Pouliot, a renowned Canadian Bitcoin investor who tweeted:

While the two camps continue to trade words on social media platforms, their prices have been tanking. SV was trading at $110 at press time according to data from Poloniex exchange and while this is a slight increase of 2.7 percent, it’s still yet to recover from its downward slump experienced immediately after the fork.

ABC, on the other hand, was trading at $260, a 7.5 percent decline. ABC hasn’t fared well either, with many investors scared of investing in the crypto in the fear that it could tank.

Miners in the two camps have been mining at a loss, a research by BitMEX has shown. According to BitMEX, miners in the SV camp experienced greater losses at $397,000, but those in ABC didn’t fare much well either, running to losses as high as $365,000 since the fork.

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Steve Kaaru 1 Article
I am a very awesome human. I love writing, and I am awesome at it. I am a blockchain and cryptocurrency enthusiast and championing the blockchain through well-crafted articles is what I do.