Two camps have been ramping up the amount of computing power which they own so that they may support their software version for winning the race known as “Nakamoto Consensus.” With the most computing support, the camp wins, and ABC camp is in control.
As indicated by a research conducted by BitMex, the two groups ABC and SV are losing approximately $7,00,000 a day on expenses like power to run the mining rigs which compete for the process transactions.
According to a bitcoin core developer, Jimmy Song, they are also losing an additional $1 million every day in lost opportunity cost by not having their computers mine BTC.
Six days on and the battle is on as each camp is determined to keep going unless they win the so-called Hash War. ABC is currently in the lead, but the balance of power still shift, according to tracker Coin Dance.
As per the Lex Sokolin of Autonomous Research in London –
“Imagine a management takeover in a $100 billion company, which you could effect by directing your resources. There is prestige, reputation, and power that comes with being the main party responsible for deciding the vision and feature set of the future of money.”
The winner will be able to make all the necessary changes to the software which will ultimately benefit them like figuring out how to mine bitcoins more effective. A few other advantages include being able to attract better developers as well as having more miners join its pool.
Whosoever gains the control will get a significant impact on the related coin’s price. Roger Ver leads ABC and is controlled by Bitmain, whereas SV is led by Craig Wright and Calvin Ayre who once claimed to be Satoshi Nakamoto.
In the meantime, the fight has proved expensive for the investors since Bitcoin Cash has lost over $400 in value in just a couple of days.