- Anonymous miners control 55% of Bitcoin SV’s hashrate
- Bitcoin SV faces block rewards reduction in 16 days
- Bitcoin SV still gained 178% last year despite the controversy
Bitcoin SV News Today – Bitcoin SV’s network has been the subject of debates for weeks due to reports of stealth miners commanding 55% of the Blockchain’s hashrate in the past seven days. In 2019 analysts observed that a large sum of the hashrate on Bitcoin, Bitcoin Cash and Bitcoin SV was processed by anonymous miners.
Since that time, the three networks have only a small number of stealth miners making away with the hashrate of each network. Bitcoin SV and its community of participants are now set for a block rewards reduction in 16 days.
Stealth Miners Control 58% of Bitcoin SV’s Network
There has been a lot of anonymous mining happening on Bitcoin SV and no one is sure where the hashrate comes from. Currently, the unknown miners hashing the network represent 55% of the hashrate in the past seven days. They also control 58% at press time. Most miners on Bitcoin’s network know that if one entity controls 51% of the network, that it will be possible to carry out double spends and reorganizations on-chain.
However, this didn’t last long and BSV is now going to a week of being above the 51% threshold. To add to the huge percentage of hashrate mined by stealth miners on Bitcoin SV, the network is set for a block reward reduction in the next 16 days.
Bitcoin SV Still Gained 178% Last Year Despite Controversy
Bitcoin SV has always had controversy from time immemorial. The offering is known for its association with self-proclaimed BTC creator Craig Wright. Wright claims he is Satoshi Nakamoto. Since its fork, most of BSV’s transaction data has come from a Twitter-like app known as Twetch. It is a weather platform that keeps a record of weather data.
According to Coin Metrics, last July 96% of Bitcoin SV transactions were derived from the network’s weather app. In the past 24 hours, the network has processed more than 599,851 transactions with an average block size of 1.795 MB. There is also a 2.9 per second hashing rate at the BSV network. The chain’s hashrate has been fluctuating every 24 hours since this week began.
At press time, BSV was behind BCH, capturing the sixth spot by market cap. It is now trading at $178 per coin. Bitcoin SV has gained more than 107% against the USD in the last 3 months and about 178% in the past year. Additionally, when competing against Bitcoin last year, Bitcoin SV managed to gain about 62% against the number one digital asset by market cap.