March 5, 2021

Cryptheory

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Bitcoin SV has a problem – The mysterious miner took over the entire blockchain – Is the fork approaching?

2 min read
Bitcoin SV has a problem - The mysterious miner took over the entire blockchain - Is the fork approaching?

We have written many times about the famous Coin Bitcoin SV on this website. And while we try to be impartial, the background of this project and the community activity that has developed around it does not allow us to write anything positive. Bitcoin SV is not only dangerous but also badly designed and vulnerable to 51% attack. This is a type of attack in which one entity gains more than half the mining output and begins to rewrite the blockchain.

 

The susceptibility of BSV to these attacks is due to the fact that it is a Bitcoin fork and uses the same mining algorithm. This enables Bitcoin miners to mine with the same machines BTC and BSV. But Bitcoin is incomparably larger. And only a small percentage of hashrate is enough to master BSV (or BCH – Bitcoin Cash).

 

And that’s what happened recently. The unknown miner began to mine Bitcoin SV in bulk. Why? There can be many reasons. Maybe it’s a troll that makes fun of BSV. But it is also quite possible that it would be profitable to benefit from BSV.

 

Be the first to mention “p00rM3m0rY” on Twitter:

 

 

The average hashrate of this unknown miner in the last 9 days was 675 PH / s. At the moment it is more than 1500 PH / s. Interestingly, this miner extracts only empty blocks and does not write any new transactions to the blockchain. This suggests that he is probably not a BSV fan.

 

This situation certainly will not please the owners of BSV. This project has several serious problems. Its founder Craig Wright fails to win the courts, and has been accused of falsifying official documents. Keys from Craig’s Tulip Trust, which is said to hold 1,000,000 BTC, are still unavailable. And to make matters worse, after the sensational January growth BSV returned to its original values. This shows that it was basically just manipulation.

 

 

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