Bitcoin SV Miners Have Lost Usd 2.2 Million Since Their Fork
BitMEX indicated this April 12 that the Bitcoin mining SV (BSV) has accumulated a loss of approximately USD 2.2 million since its bifurcation, at the end of November 2018, of Bitcoin Cash (BCH), a project that in the same period of time obtained income for USD 42.4 million.
The report published by the exchange company is based exclusively on the count of cryptoactives issued to date, current market prices, mining revenues and the minimum cost of electricity for mining .
The accumulated loss for miners has been reflected in a considerable decrease in its hash rate or processing power. The processing power of Bitcoin SV has been reduced by 27% since the beginning of April, reaching a little over 740,000 TH / s, 56 times less than Bitcoin , which registers 42 million TH / s.
This decrease in mining power, due to the lack of incentives for miners, leaves the network prone to a 51% attack, according to data provided by Ceteris Paribus, a crypto community analyst, who also stressed that the cost per day for a 51% attack to the blockchain of Bitcoin SV would be equivalent to USD 179,296 , an extremely low number if we compare it with USD 603,144 that is required to attack Bitcoin Cash (BCH) and USD 10,303,911 for Bitcoin .
Since April, Bitcoin's processing power has increased by approximately 8%, a figure that represents more than the total of the Bitcoin SV network.
All these elements, together with the removal of BSV from Binance and Bitfi wallet, point to an uncertain future for this project in the medium term.
This information is released after the events that surround the series of demands and threats made by Craig Wright to several bitcoiners of the ecosystem. The community has turned in recent days to show that not only Wright is a farce , but also his project.