The Japanese technology company GMO Internet switches its entire mining capacities to Bitcoin (BTC) production in July, abandoning Bitcoin Cash (BCH) completely. This was reported by crypto-investor Trace Meyer, who received a copy of the company’s monthly mining report.
Why would GMO Internet switch all mining capacity to $BTC from $BCH? Only ~$37,867 for one hour 51% $BCH attack? Does DARI ratio account for block maturation times? Nov fork? What could possibly happen with this $9B testnet? Sure is fun to watch! 😂 💩 https://t.co/2P55FNxK23 pic.twitter.com/hZLx2hDUk6
— Trace Mayer (@TraceMayer) August 24, 2018
According to Mayer, the company intentionally abandoned the mining of Bitcoin Cash because of the growing problems with the project. The result of a sliding trend throughout this year, the statistics contrast sharply with the company’s strategy as it appeared in January when it mined just 21 Bitcoin blocks but 213 Bitcoin Cash blocks.
Linking to tongue-in-cheek Bitcoin fork monitoring site fork.lol, Meyer struck a critical tone focusing on BCH, suggesting GMO had deliberately pivoted away from mining it due to various challenges the altcoin faces.
Among these are previous revelations that hackers could ostensibly launch a 51 percent attack on the BCH network for less than $40,000, potentially causing a network fork and de facto disabling transaction validation.
In addition, plans to hard fork Bitcoin Cash $530.680 +1.07% deliberately later this year have also met with votes of no confidence from some cryptocurrency circles.
Not to forget that last week Roger Ver has got major backlash for saying BTC is not Bitcoin, but BCH is.