To further underscore how Bitcoin SV gets way more attention than it even remotely deserves, free software advocate Ben Verret (@verretor) pointed out for everyone that BSV has just 0.7% of Bitcoin’s hashrate.
Bitcoin SV (BSV) advocates tend to spin that mining the Bitcoin hard fork is profitable, and that the network is getting stronger. However, the truth is that Bitcoin SV’s hash rate is a tiny fraction of Bitcoin’s—and it has not improved much since 2018.
Bitcoin SV — Massively Outhashed
According to crypto-commentator Ben Verret (@verretor), BSV’s hash rate is only 0.7% of Bitcoin’s. That’s a stunning statistic and a damning blow to the supposedly ‘real Bitcoin’ that aims to usurp BTC.
BSV has 0.7% of Bitcoin's hashrate. Less than most mining pools. https://t.co/2l9z0kRyTh
— Ben Verret⚡ (@verretor) September 14, 2019
On the other hand, Bitcoin’s hashrate has been going parabolic as of late, indicating that the network is only getting more secure. In the past month, it has jumped some 30%. The network’s hashrate has been growing steadily since May 2019, at an accelerating rate likely in anticipation of the halving in May 2020. At this pace, the increasing hashrate might even make it so that the halving event happens in April, which would be unprecedented.
Riding on Bitcoin’s Coattails
In short, Bitcoin SV has a lot of catching up to do if it even wants to come close to rivaling even one percent of Bitcoin’s current hash rate. It’s much more likely the Bitcoin spinoff hard forks itself yet again into irrelevance over internal disputes and frustrations.
Recently, Bitcoin SV’s creator, Craig Wright, was dealt a blow in court over his antics in claiming he is the creator of Bitcoin. He will soon be forced to forfeit more than half of his mined Bitcoin and intellectual property over allegedly ‘stealing’ from now-deceased computer scientist David Kleiman.
It remains to be seen whether Bitcoin SV will continue to be a leading cryptocurrency by market capitalization in 2020. It seems that as for now it’s only holding this title due to it being a ‘Bitcoin hard fork.’
Is there any remote possibility Bitcoin SV could salvage its network and grow its hash rate? Let us know your thoughts in the comments below.
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Images courtesy of Twitter, Blockchain.com