Three Craig Wright affiliated mining pools have reached 60% of the Bitcoin Cash hashrate, making BTC mining some 30% more profitable at the time of writing according to data by Coin Dance.
Calvin Ayre’s Coingeek (pictured above) has reached 32% of the hashrate, with the newly created SVPool gaining 18%. While BMG, run by a company Craig Wright founded called nChain, has now reached 10%.
Making it a combined 60% in favor of BSV as it appears they’ve taken some hashrate out of bitcoin to mine at less profit on BCH.
BCH’s current hashrate stands at 4.8 quintillion hashes a second, a number that comes after trillion and quadrillion. That makes it about 10% of BTC’s 50 quintillion hashes. Giving what is probably mainly Ayre controlled hash some 6% of bitcoin’s hashrate.
“Anyone running Bitmains ABC will not be mining much after Nov 17th test starts so the solution is simply to switch and mine #BitcoinSV like #Bitmain will have to,” Ayre publicly stated.
That implies Ayre is backing a 51% attack on BCH. He has made no such explicit statement as far as we can see, but Wright has.
Wright said in a recent interview that Ayre was planning to build a power plant for mining. Suggesting much of this 60%, if not perhaps all of it, is controlled by Ayre who Wright called a partner.
What tests they plan on November 17th isn’t very clear. There are suggestions they carried out a poison block attack this Saturday when they mined five 32MB blocks which contained miner created zombie transactions that were not propagated to the network, nor validated by the nodes, prior to the block being mined.
There are suggestions some blocks have been orphaned, with Craig Wright affiliated pools so showing hostility to the BCH network ahead of a chain-split fork this Thursday.
“Any exchange, any TX using ABC will have 1,000s of possible and valid versions and nothing that lasts. We will do this as long as it takes. IF a single Ras Pi is mining SHA256d, we will re-org over and over.”
So says Craig Wright. Leading a very early bitcoin adopter and BCH supporter, Olivier Janssens, to say “If he [BSV] wins, I will prob retract my support for BCH.” While Chris Pacia of OpenBazaar says:
“After BSV achieves sh**tcoin status and takes its place next to Bitcoin Diamond and Bitcoin Uranium I’m not sure we should welcome the people who supported 51% attacks back into the community. They should probably be permanently ostracized.”
Pacia further calls Craig Wright mein fuhrer, stating: “A single guy controls 100% of the hashing power. Is the sole dictator of the protocol. Development is controlled 100% by his company. Threatens 51% attacks and legal attacks against anyone who competes with him. Is a psychopathic authoritarian.”
Wright says, with emphasis his: “When you say I will not go through with this… YOU WILL BE BANKRUPTED AND I WILL WATCH.”
The whole world will watch and certainly the entire crypto space for a 51% attack of a main coin has never been carried out.
It is impossible, some say, for it to be maintained in a coin that has public support. The technical means of counteracting it are plenty, with BCH supporting miners known to have spent $20 million or more to get it up and running on August the first 2017.
Such threats of 51% attacking a coin have previously been made and have never materialized in coins that have attention. It is probable here too we won’t see the game of who can burn most money for the idiocity of it is beyond the moon.
The game we’re seeing, instead, is that of trying to make BCH supporters angry so that BSV gets a reason to exist by being anti-something rather than pro-something.
Meaning this is probably just entertainment which soon enough this whole space will hopefully be able to ignore after the chain-split.