Hash War Continues Between Bitcoin ABC And Bitcoin SV; Will Bitmain’s Jihan Wu Sell His BSV?

2018-11-20 10:24

Bitmain’s founder, Jihan Wu, wants to sell his BCHSV amid the ongoing Bitcoin Cash (BCH) hash war. Back on November 15, Bitcoin Cash experienced a network upgrade that divided the community between Bitcoin Cash ABC and Bitcoin Cash SV.

The main supporters of Bitcoin Cash ABC are Jihan Wu and Roger Ver, while Bitcoin Cash SV backers are Craig Wright and Calvin Ayre.

Bitcoin Cash SV is one of the virtual currencies that was created after the network upgrade the last week.

Craig Wright claims to be the Satoshi Nakamoto, the inventor of Bitcoin, the largest virtual currency in the market. Nevertheless, he could not provide clear proof about this and he did not clarify the situation. John McAfee, the popular cryptocurrency expert does not believe in Craig Wright’s comments regarding Satoshi’s real identity.

Craig Wright claims to be the real Satoshi. He says this believing that no-one knows the truth. He is wrong. I tell you now – the real Satoshi is not Craig Wright.

— John McAfee (@officialmcafee) November 16, 2018

Roger Ver has been an earlier promoter of Bitcoin and supporter of the Bitcoin Cash hard fork back in 2017. He is also the owner of Bitcoin.com.

Calvin Ayre is also working side by side with Craig Wright. Ayre has a mining pool known as CoinGeek and it has been supporting Bitcoin SV since the very beginning. He believes that Bitcoin SV is the only and true Bitcoin and that it will survive over time.

Although Jihan Wu does not support Bitcoin SV, he owns an important amount of this virtual currency. Why? Because he held BCH and received Bitcoin SV after last week’s hard fork. This would allow Jihan Wu to dump all the BSV coins that he received after the hard fork.

If such an important player in the market as Bitmain, that owned around 5% of the Bitcoin Cash supply, dumps a large number of coins, the price of a virtual currency could severely crash in an easy way.

At the time of writing, there is no clear winner of this hash war. Both sides have spent millions of dollars to run their networks but only one would eventually survive in the long term. Bitcoin SV seems to have experienced an important sell-off according to Binance. This could clearly be related with big players selling their funds in the market.

Following data provided by Coin Dance, the hash rate of the Bitcoin Cash network is primarily focused on BSV. However, there are just a few entities that are mining this virtual currency including Coingeek, SVPool, BMG Pool and Mempool.

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