Bitcoin Cash Mining Banned: Japan Giant GMO Stops Mining

Aug 25, 2018 at 10:30 Update Date :Aug 25, 2018 at 10:30 UTC

Japan-based internet behemoths GMO has transferred its entire mining operations from BTC Cash to BTC as of July. According to the firm’s monthly mining report sent it social media by crypto-investor Trace Meyer, the July segment confirms that the GMO mined more than 550 blocks of Bitcoin and none of Bitcoin Cash.

This has indeed been a sliding trend this year. These statistics are in sharp contrast with the firm’s reports earlier in the year when the January report showed the firm mining a mere 21 BTC blocks, but about 214 BTC Cash blocks.

Providing links to the BTC fork monitor forum, Meyer spoke out rather harshly on BCH, explaining that that GMI might have purposely moved away from BCH mining activities due to the innumerable issues the token faces.

Among such issues is the recent discovery that malefactors could potentially hack into about 51% of the BCH network, for lower than an amount of $40,000. This has caused a potential network fork and essentially removed all validation for BCH transactions.

Additionally, the talks of issuing a hard fork to BCH sometime later this year has gotten considerable criticism from a number of crypto-circles.

GMO has already begun taking in pre-orders for its B2 equipment back in May. This makes it the first manufacturer to start shipping devices containing the 7nm processors. This is a direct move to compete with the market leader, Bitmain.

Led by BCH investor Johan Wu, the firm Bitmain too is facing considerable criticism over talks if the company going public later this month through the announcement of an IPO.

After the low second-quarter output of its own sales, the pre-IPO evaluation of Bitmain showed that the firm has major holdings of BTC Cash. Considering the illiquidity of the token as of now, Bitmain still cannot shift these stocks without causing the entire market to collapse.

During the initial issuance back in May, CEO Masatoshi Kumagai stated to reported that while he “respects Bitmain”, he maintains his firm will definitely “top them”.

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