Bitcoin SV Miners Accumulating a Gross Loss of US $2.2 Million Since November 2018
Currently, Bitcoin SV is under of threat of getting delisted from the biggest cryptocurrency exchange Binance and further potential of similar delisting on all of the exchanges as the crypto community comes together in support of Hodlonaut, a Bitcoiner who launched Lightning Torch and is now being attacked by Bitcoin SV supporter Craig Wright for calling him a fraud and fake Satoshi.
Now, if we take a look at the fundamentals of this hard fork of Bitcoin Cash (BCH), they are not painting a good picture either.
While the hash rate of Bitcoin has risen 8 percent in the month of April and Litecoin’s hash rate is touching all-time high (ATH), Bitcoin SV is going in the downwards direction. The hash rate of BSV network has dropped 27 percent in this month. Currently, Bitcoin’s hash rate is 69 times higher than that of BSV.
Bitcoin SV Hashrate chart, Source: Bitinfocharts
On November 16, last year, the hash rate of BSV was at 4.374(TH/s) that dropped down to 833 (PH/s) at the end of that month only. Currently, it is at 711 (PH/s) as per Bitinfocharts.
Back in December 2018 it has been observed by a programmer that majority that is 75 percent of the hash rate is 4 nodes. Whereas only 24 percent has 1 node, 59 percenters of the hash rate are 2 nodes and 3 nodes have 68 percent of the hash rate. This makes double-spending 0-conf transactions possible on the BSV network.
Bitcoin SV Miners Losing in Millions
But this is not all, according to BitMEX Research, since the November 2018 split when BSV first came into existence, its miners have accumulated a loss of US$2.2m. What’s interesting is this accounts for only mining electricity costs only.
“Based on our estimates and current coin prices, since the November 2018 split, Bitcoin Cash SV miners have accumulated gross losses of US$2.2m (a negative gross profit margin of 12%). This is accounting for mining electricity costs only.”
Meanwhile, the Bitcoin Cash (BCH) miners are accumulating profits of more than $42 million. But Bitcoin SV miners haven't been able to remain in the green and are suffering losses.
At the time of writing, BSV / USD has been trading at $70.53 with 24-hours gains of 0.93. The 12-largest cryptocurrency by market cap of $1.2 billion is in red in the BTC market by 0.17 percent. Make sure to read all of our BSV price predictions today.
Live Bitcoin SV (BSV) Price:
1 BSV/USD =$33.2213 change ~ 0.68%