Bitmain currently controls only 2.78% of the total BCH network computing power. Not “standing in line” with the mining pool may determine the life and death of the mining war

For the global network of miners that power the supply of the bitcoin cash (BCH) cryptocurrency, different options may be available ahead of Thursday’s hard fork.

According to data from Coin Dance, several Bitcoin Cash mining pools, independent miner groups, and companies that provide computing power for Bitcoin Cash mining have expressed their support for a software called Bitcoin SV, which is also the most widely used Bitcoin ABC software alternative on the Bitcoin Cash network today.

In fact, early signs suggest that Bitcoin SV may already control 76.39% of the mining power on the current Bitcoin Cash network. The question is, will so many computers really update their software, and will the update cause the Bitcoin Cash network to crash? While it’s too early to answer that question, the heated comments from upstart Bitcoin SV software supporters, including Craig Wright, an Australian cryptographer who calls himself “Satoshi Nakamoto,” suggest that many people may indeed “switch sides” and switch software.

Craig Wright has declared that he will destroy the Bitcoin ABC network and even threatened Bitcoin ABC supporters on Twitter. It is undeniable that Bitcoin SV does have enough strength to support Craig Wright's "arrogance". Its computing power accounted for 73.62% of the entire network in just one day - especially the computing power controlled by CoinGeek, a mining platform owned by Craig Wright supporter Calvin Ayre, which also jumped from 30.6% to 41% in a short period of time.

In contrast, the computing power of the okminer and Mempool Bitcoin Cash mining pools has been greatly reduced. The two mining pools previously accounted for 7.64% and 6.25% of the total network computing power, respectively, and have now dropped to 3.47%, a drop of more than 50%.

Meanwhile, Bitcoin ABC, a mining pool that supports Roger Ver, also seems to have had some problems. Bitcoin.com, BTC.com, and Antpool previously controlled 8.33%, 4.86%, and 6.25% of the hashrate, respectively. The latter two mining pools are controlled by Bitcoin Cash supporter and cryptocurrency mining giant Bitmain.

However, as of yesterday (November 13), the computing power of the two mining pools controlled by Bitmain has fallen to 2.78%, while the computing power of the network controlled by Roger Ver has fallen to 6.25%.

So far, some large Bitcoin Cash mining pools have clearly taken sides, some supporting Bitcoin SV and some supporting Bitcoin ABC, but some have not yet publicly announced which Bitcoin Cash hard fork network they will support. The most noteworthy of these is ViaBTC, which had a total hash rate of 7.64% of the total network yesterday (November 13) - but has since reportedly fallen to 2.08%. Another mining pool worth noting is Northern Bitcoin, whose CEO Moritz Jäger has made it clear in an interview with Forbes that Northern Bitcoin will support the Bitcoin Cash hard fork and will switch from Bitcoin mining to Bitcoin Cash mining, but the mining pool has not yet publicly announced which fork network it supports.

Price volatility issues remain

Although Bitcoin SV has a clear advantage in terms of computing power, traders seem to have more confidence in Bitcoin ABC. At this stage, the BCHABC trading pair offered by most cryptocurrency exchanges is trading at a higher price than Bitcoin SV, but it should be noted that this price lead has begun to narrow. As of the time of writing, the pre-fork trading price of Bitcoin Cash hovered at $391 (in USDC stablecoin plan), down from $415 24 hours ago. In contrast, the trading price of BCHSV soared 22% in the same time period to $136.

Not only that, according to the data provided by TradingView, BCHABC may have some disadvantages in terms of trading volume. In the past 24 hours, its trading volume was only $876,258, and yesterday (November 13) its trading volume was $818,375. On the other hand, BCHSV's trading volume in the same period was $969,715, and the trading volume on the previous trading day even exceeded $1.2 million.