$ 12 million loss for Bitcoin Cash’s ‘Hash War’.
The total cost of the ongoing ‘war of hashes’ affecting Bitcoin Cash (BCH) has exceeded $ 11.8 million, according to data from the Hong Kong-based cryptocurrency trading platform Bitmex.
The hard fork of the fourth largest cryptocurrency during the past week, caused two factions to try to take control of the network and the name of Bitcoin Cash, contributing to the instability of the market with the surprising result of a loss of almost 50% for the price of Bitcoin.
While the dust is settling, with Bitcoin SV on the losing side, Calvin Ayre has said that SV supporters “no longer want the name Bitcoin Cash”, but will continue to support their own version of the network. For its part, the winning Bitcoin ABC faction led by giant Bitmain and investor Roger Ver, will be responsible from now on to take the Bitcoin Cash course.
Already with the contest resolved, where Bitcoin Cash has fallen more than 5% in the last 24 hours, in the midst of a wider streak of the crypto market; A new publication on social networks on November 21 has revealed the true magnitude of the phenomenon, in which the miners have opted to exploit BCH’s two bifurcations.
Of those holders, BCHSV has incurred by far the largest losses to date, totaling around $ 2.2 million gross with a negative profit margin of 441%. Bitcoin Cash ABC, the fork of the competition, has accumulated losses of $ 1.3 million with a negative profit margin of 51%.
The calculations were based on “assuming cheap electricity costs” of $ 0.05 per kilowatt hour, BitMex added. The rival Bitcoin Cash chains have maintained efforts to submit to each other as part of a broader advertising campaign that has since expanded beyond the immediate community.
This week, Calvin Ayre also said he would publish the legal documents allegedly filed with US regulators. On Kraken’s participation in “market manipulation and more”.
Kraken, one of the largest cryptocurrency exchanges, chose to support the exchange of both bifurcations on its platform by issuing a strong wording warning that SV is an “extremely high risk investment”.
The SV / USD pair of the exchange was quoted as low as $ 29 after its debut. SV also had problems with a Blockchain reorganization of its own supporter CoinGeek, which led to public accusations of centralization.
Speaking of its initial disconnection from centralization in the early days of Litecoin, creator Charlie Lee referred to an email from Satoshi Nakamoto that describes the importance of the longer chain being considered valid in a working test network ( PoW). “If this is not true, then it is not decentralized, since you must trust someone to tell you which is the correct chain,” he wrote on Wednesday.
“The central point of decentralization and solid money is that you do not have to trust anyone.” The truth is that the fork of BCH has caused losses to Bitcoin of more than 30% of its value since November 14. Analysts said some companies changed their computers to support Bitcoin by supporting one of the rival Bitcoin Cash, ABC or SV groups as the Nakamoto Consensus developed. Concerned about the repercussions of the strip and shrink, some investors left both currencies.
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