The Bitcoin Cash (BCH) hash rate war might have reached an end. Bitcoin SV is surrendering against Bitcoin ABC. Back on November 15, the Bitcoin Cash network experienced an upgrade in which two different sides were fighting for the majority of the hash power of the network.
Bitcoin SV Says They Will Let the Market Decide
The Bitcoin Cash hash war might have reached an end. Craig Wright wrote on Twitter a few days ago that they want to focus on Business applications rather than in the current fork. This is why he said that if Bitcoin ABC ads replay protection they will let the market decide which network to chose.
https://twitter.com/ProfFaustus/status/1065920263093669889
Bitcoin ABC is backed by Roger Ver, CEO of Bitcoin.com and Jihan Wu, CEO and the founder of Bitmain, the largest crypto mining company in the world. nChain’s Craig Wright was aligned with Calvin Ayre, the founder and CEO of Coingeek. Both Wright and Ayre were supporting the Bitcoin SV proposal.
Since October 15, when the network upgrade started, both networks started to fight for a place in the market. No network was able to be ahead of the other, which created a situation in which both sides had to spend important amounts of funds to sustain their operations.
In a recent article uploaded by Calvin Ayre, he informs that they do not want to have the Bitcoin Cash name. Indeed, they will be called Bitcoin SV, which they believe is the original plan for Bitcoin. This is why he says that they would leave Bitcoin ABC alone if they activate replay protection.
On the matter, Calvin Ayre wrote:
“nChain tells me they are happy to leave ABC chain alone if they enact replay protection and do a permanent split. This is very convenient as the definition of winning is fundamentally different to each side so there is a win-win solution here.”
Ayre explains that if ABC adds replay protection, both chains will win and Bitcoin SV will be able to show their power to the market. At the same time, Ayre says that CoinGeek can enforce civility if Bitcoin ABC wants that in a permanent split.
Furthermore, Ayre said that he has already instructed his team to roll out the new Bitcoin SV coin. He says that they are looking forward to the CoinGeek Week Conference the next week to launch the original Bitcoin.
Although the hash war could be close to an end, Bitcoin Cash (BCH) remains very week. During the last days, it was fluctuating between the 4th and 5th spot in the market. At the time of writing, it has registered a price increase of 4.1% in the last 24 hours and it has a market capitalization of $3.68 billion dollars.
A few days ago, we wrote that Craig Wright said that Bitcoin SV was going to be used by billions of individuals.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
