Jiang Zhuo’er and his BTC.TOP , a major Chinese mining pool, will not take side in the upcoming Bitcoin Cash’s hash war between two competing camps, Bitcoin ABC and Bitcoin SV. Zhuo’er shared his thoughts on the looming BCH hard fork in an article posted on the Twitter-like platform – Weibo on Monday.
It was previously reported that BTC.TOP will switch over its mining power to support Bitcoin ABC. But Jiang Zhuo’er, founder of BTC.TOP, dismissed the rumor. He emphasized that the mining pool will side with the party which is willing to invest more hash power and more money to win the battle, in a bid to end the chaotic situation as soon as possible and to restore order to the Bitcoin Cash(BCH) community.
Bitcoin Cash’s network upgrade or hard fork, scheduled for November 15, will likely see BCH split into two rival chains: Bitcoin ABC, which seeks to implement a variety of improvements to the network and is favored by the mining giant Bitmain, and Bitcoin SV, which focuses on a significantly increased block size and is backed by the cryptocurrency firm nChain and its controversial chief scientist Craig Wright.
As far as Zhuo’er is concerned, the hash power contest, in essence, is a battle between Wright’s wealth and Bitmain’s hash power. “If the hash war breaks out, over 100 million yuan will be spent each day. The camp which is willing to throw more money at it is likely to win the war ,” he said.
According to Coin.Dance, a leading Bitcoin network data provider, Bitcoin SV gains support from the largest Bitcoin Cash mining pool, Coingeek, and nChain’s SVPool, while Bitcoin Cash ABC has the backing of many major mining pools such as AntPool, ViaBTC, as well as leading exchanges Binance and Coinbase. Over 60 percent of BCH miners are supporting Bitcoin SV, compared to at least 18 percent for Bitcoin ABC.
Although Bitcoin SV enjoys the support from the majority of BCH miners, trading preference is tilting toward Bitcoin ABC. According to data from pre-fork trading on Poloniex, BCHABC is trading at about $387 (priced in the USDC stablecoin), more than three times the price of BCHSV, which is trading at $113 at the press time.
When asked about whether the change in the Board of Directors of Bitmain, specifically Jihan Wu, Co-Founder and CEO of the company leaving the board, will affect the outcome of the looming BCH hard fork, Zhuo’er said for one thing, that there is no need to read too much into personnel changes of Bitmain; also, if Wright attacks the community for backing Bitcoin ABC first, Bitmain will inevitably fight back by switching over the hashrate from Bitcoin to Bitcoin Cash. If so, Bitcoin ABC will hold an upper hand in the battle in terms of mining hashpower.
He also indicated that a protracted hash war will cause an extensive damage to the ecosystem and is meaningless.
*Edited based on an article from 8btc.