Mining Pool Threatens Bitcoin Gold, Bitcoin Diamond, and Bitcoin Private With Annihilation

Cryptocurrency mining pool ‘SharkPool’ has recently threatened to annihilate “alts who dare bearing the Bitcoin name.” The pool was launched by a prominent bitcoin cash startup that created it to attack altcoins that it believes doesn’t fulfill Satoshi Nakamoto’s original vision.

The mining pool has revealed through a tweet it’ll attack altcoins by “exclusively” mining empty blocks on their networks and selling the proceeds for BCH. Its attacks will come as “all alts, including forks and splits are acts of war against Bitcoin and are going to be treated as such.”

The mining pool is being operated by BCH startup CashPay Solutions,  which according to some backed the Satoshi’s Vision (SV) side of the recent Bitcoin Cash hard fork, which was also backed by self-proclaimed Satoshi Nakamoto Craig Wright. The firm runs various BCH-related services, including e-commerce platform Cryptonize.It.

As CryptoGlobe covered, Wright implied the BCHSV side would attack the opposing side – Bitcoin Cash ABC – with superior hashrate to mine empty blocks on the network and stop transactions from being processed. It wasn’t able to pull off its attack, as ABC currently has superior hashrate.

According to a recent tweet, SharkPool’s first targets are Bitcoin Diamond (BCD), Bitcoin Gold (BTG), Bitcoin Private (BTCP), and Bitcoin Interest (BCI). Per its tweet, these chains “are unsafe and will cease to exist.”

The BCH startup’s CEO, Ari Kuqi, has via Twitter also claimed that “all alts, including forks and splits” are being considered acts of war against Bitcoin. The mining pool manages to attack different cryptocurrencies as it attracts miners with hashpower in different algorithms with its plan.

Notably, SharkPool’s tweet mentions the sharks “want to sharpen their teeth” and that they are “hunting for appetizers.” This implies that these blockchains are being the first ones to be targeted as it builds up hashrate to attack larger ones – potentially Bitcoin Cash ABC.

SharkPool’s Annihilation Plan

To take down the cryptocurrencies mentioned above, SharkPool’s annihilation plan will see it dominate the hashrate in them to first off start mining empty blocks. Mining empty blocks will stop transactions from going through on their networks.

Over a long period of time, this would create a transaction backlog that would make the cryptocurrency’s network virtually useless. The second part of its plan sees it sell the rewards it gets from mining empty blocks for BCH.

This not only supports BCH by creating demand and potentially driving up its price, but it also creates selling pressure on the attacked cryptocurrency. If all newly created coins are dumped on the market, and existing coins can’t move, the cryptocurrency’s price can plummet and see users abandon it.

At press time, it appears none of the threatened blockchains has reacted. CryptoGlobe has reached out to SharkPool for comment.

Update: SharkPool responded to CryptoGlobe's request for comment:

This week is sharkweek, expect to see the first empty blocks to be mined on an altcoin within 24 hours. It’ll be one of the ‘bitcoins’ (gold, diamond, platinum etc).