Blockstream Hash Rate Could Be Powerful Enough To Attack BCH & BSV

Blockstream, a startup based in Canada, has just launched a service dubbed blockstream mining. This is a mining equipment colocation provider fueled by the companies, powered by the firm’s 300MW energy capacity. Due to this, Blockstream will command around six EH of the BTC mining power when working at full capacity. According to some crypto enthusiasts, its enough hash power to drown both roger Ver’s and Calvin Eyre’s versions of Bitcoin.

The ‘angel investor’ WhalePanda wrote this on Twitter last week.

“Blockstream now controls more than enough hash rate to attack both BCH and BSV at the same time. Can’t wait for more conspiracy theories!”

Another Twitter user dubbed @btg_Joseph posted this on the 8th August:

“They could destroy bch and bsv if they wanted, only thing is they aren’t run by Roger Ver and Calvin Ayre so they aren’t trying to destroy things.”

Both Bitcoin SV and Bitcoin Cash protocols are able to utilise Bitcoin’s hashing algorithm. The same kind of mining hardware can be used to generate hash power on all three digital assets. This feature fueled the BCH and BSV hash war. Craig’s plan was to bury ‘destroy’ Bitcoin Cash and emerge as the only survivor of their hard fork. 

As written by Dalmas Ngetich:

“The hash war left BSV standing thanks to nChain’s SVPool and Calvin Ayre’s CoinGeek mining pool. The miners on both sides however did pay a hefty price for that war. BCH nonetheless did attract more hash power the first few days post the split, but at times BSV’s hash power would exceed BCHs. Since then, the hash rates on both blockchains has fallen significantly.”

If we take a quick look at Bitcoin SV and Bitcoin Cash, both blocks are bigger than BTC, but both forks still have low transaction volumes when compared to Bitcoin too. I suppose it's ironic in that these two protocols are faster than its mother chain.

The BetterHash protocol from Blockstream is meant to ensure that “large pools no longer centrally determine which transactions to include into blocks.” several enthusiasts have called this a fallacy however since, the development of the reaction of their massive BTC mining farm looks more like a move towards centralisation in mining.