BCH Battlefield Update: Heading into Trench War?
Shutterstock / Gianfranco Bella
Main page Analytics, Bitcoin Cash, Cryptocurrency Exchanges, Hard Fork

This Sunday, the third largest cryptocurrency exchange Huobi announced that bitcoin ABC, one of the two chains created as a result of the hardfork of bitcoin Cash this week, will receive the original BCH ticker, while the bitcoin SV chain will continue to be called BSV.

“Huobi Global has confirmed that the team behind Bitcoin Cash ABC has set up a checkpoint that allows us to ensure that two-way replay protection is in place,” explains the company.

In addition to resuming trading BCH, today Huobi launches BSV trading paired with bitcoin. Deposits in BCH will be available from November 19, in BSV – from November 20. The possibility of withdrawing funds in the two above-mentioned cryptocurrencies will be announced later when the exchange finds their blockchains fairly stable.

Bitcoin SV was not so lucky, the exchange has promised to re-open the BSV deposit services at 7.00 AM November 20, 2018 (GMT).

Another cryptocurrency exchange, currently ranked 17 by daily turnover, Kraken has also confirmed that it will put bitcoin ABC tokens for trading under the ticker BCH. At the same time, the exchange launches trading in tokens of the second chain – bitcoin SV – and distributes its assets among the holders of the original Bitcoin Cash, starting yesterday 18 November 23.30 (GMT)

However, the platform warned its users that the listing of BSV does not meet the standard listing criteria of Kraken, as the exchange sees it as an extremely high-risk investment. There are many disturbing signals that traders should pay attention to, highlights Kraken in bold, and then lists the signals:

BCH Battlefield Update: Heading into Trench War?

The exchange also notes that the losses that may be suffered as a result of attacks by nChain and other supporters of bitcoin SV will be distributed among the BSV holders.

“Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV,” states the exchange.

Bittrex ranked 39 by Coinmarketcap has also joined the trend and has al­ready an­nounced sup­porting BCH, accepting deposits, and enabling withdrawals for the BSV token.

Despite the fact that coin.dance (the website collects the stats on bitcoin Cash hardfork) has also switched the name of bitcoin ABS to bitcoin cash, some of the exchanges are still waiting for the end of the game, refusing to recognize any of the two created chains as bitcoin cash. OKEx, currently the second largest among the crypto exchanges, has released its statement promising to start providing the deposit opportunities for both bitcoin ABC (BCHABC) and bitcoin SV (BCHSV) tokens.

Earlier, large cryptocurrency exchanges refrained from assigning the BCH ticker to any of the chains.

Meanwhile, data from the Coin Dance portal indicates that the distribution of hash rates is currently on the side of bitcoin SV, although initially, bitcoin ABC held the advantage.

BCH Battlefield Update: Heading into Trench War?
Coin Dance

Today in the morning bitcoin SV has managed to beat bitcoin ABC cutting the difference in mined blocks up to two. However, later bitcoin ABC regained its position and is currently 38.6% ahead on proof of work with an advantage of 3 mined blocks.

The leader of bitcoin ABC chain, Rodger Ver today has come up with a weird tweet, in which he says that “no one wins a war. Some just lose less than others.”

Bitcoin.com Forces Customers to Mine Bitcoin Cash ABC

Earlier, bitcoin.com mining pool forced cus­tomers to sup­port bit­coin cash ABC. As the web­site an­nounce­ment stated, bit­coin.com sup­ports the bit­coin cash hard fork and will mine blocks only with bit­coin ABC and bit­coin Un­lim­ited soft­ware. It was noted that if cus­tomers didn’t like that and didn’t ac­cept such op­tions, they’ll have to move to a dif­fer­ent min­ing pool. Currently, the bitcoin ABC network receives 2,107.23 Ph/s hashrate from the mining pool, while the amount of calculating power sent to mine the first cryptocurrency amounts to just 321.55 Ph/s.

CEO of EXANTE, an investment broker, Alexey Kirienko have shared their insight on the issue with Ihodl:

“Summing up all the facts, many experts believe that ABC has more chances to win, even though ahead we may see some rather questionable tactics being deployed during the standoff given that both sides have issues with security.”

However, according to Kirienko, the standoff will eventually come to an end.

“Also it can be deduced that the absurdity of the situation can kill off both projects as investors try to stay away from warmongering forks. SV can indeed catch up and overtake ABC in terms of power output, but the community and exchanges will ultimately decide, though they are indeed very much discouraged by populism, inadequacy, and militancy.”

According to the recently published BitMex research, BSV enthusiasts that mine cryptocurrency on Antminer S9, spend $325 thousand per/day. At the same time, the current prices for BCHSV and electricity are $100 and 5 cents per kWh.

BCH Battlefield Update: Heading into Trench War?

The BitMEX research team also notes that the ‘successes’ of the bitcoin ABC are accompanied by other losses. Over the day, the miners beat rivals by 25 blocks and lost $277,875 thousand.

According to the latest data from the research, with BCHABC priced at $261 and BCHSV at $97 and mining costs of $887 and $520 respectively, bitcoin cash is currently unprofitable in both versions.

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