Looks like Saprolegnia, a cosmopolitan oomycete. It´s feeding on the organic matter on the wood either because it´s not been cured or thoroughly cleaned. When the food source is depleted the Saprolegnia will disappear as long as not new food is introduced. The abudant pressence of this organism could potentially be a problem for inmunologically depressed fish, i suposse, but if they are healthy there shouldn´t be much to worry about.
In the future, you can reduce this by scrubing and desinfecting the wood first.