Unknown miner took control of the Bitcoin SV blockchain network

CONTENT

  • Unknown miner captured more than half of the Bitcoin SV network

  • Most blocks are of no value to the blockchain

  • Now the rest of the miners have to adjust to the unknown mining pool

International consortium of news organizations developing transparency standards.

Anonymous miner littered the Bitcoin SV blockchain network with meaningless transactions, while getting almost half of the network hashrate.

An unknown miner (or mining poolCryptocurrency is not only an alternative to traditional money, but also a tool for earning. To process transactions in the coin network, a computing … More is required) clogged the Bitcoin SV (BSV) blockchain network with garbage blocks. Twitter user @CourierBonded was the first to notice this..

Breaking: $ BSV being ** trolled hard ** "on-chain"

Unknown Miner / s collecting block rewards without recording any weather data or paid tweets

Has more hash power than your entire BSV country!

I smell an emergency fork in the oven, or a court case lol
#bsv pic.twitter.com/FrmdBiZQUg

– p00rM3m0rY (@CourierBonded) March 23, 2020

So, according to the statistics of verified blocks on the Coin.dance service, an unknown miner has accumulated 675 PH / s over the past ten days. It is noteworthy that over the past day, the miner has increased the power to 1535 PH / s.

Business Use Cases of the Bitcoin SV Blockchain with Tom Lee, Jimmy Nguyen & David Grider 08.27.2020

At the same time, the overwhelming majority of blocks do not carry absolutely any value of the blockchain network and are a set of random symbols.

The situation is aggravated by the fact that with the help of such unfair competition, an unknown miner can now assert new rules of the Bitcoin SV network, and other miners will have to either adjust to the conditions of an anonymity or carry out a fork. blockchain protocol. Since cryptocurrencies operate on decentralized networks, all parties … More network.

At the same time, not everyone agrees with the statement that such centralization of power poses a threat to the network.

You do understand that BSV mindset is that a malicious miner even with majority hash can do no harm to the scaled network don’t you ?

majority hashrate makes sense to * prevent * a split, not to create one.

At best he can double spend his own coins & commit a crime under law.

– $ Zhell (@AzhellTom) March 23, 2020

However, some users consider it inappropriate to create a fork threat for the monopolist himself. The only threat this centralization can pose is double spending..

Unknown miner took control of the Bitcoin SV blockchain network

At the time of writing, BSV / USD is trading at $ 168.

Independent addiction

Apart from problems with blockchain centralization, Bitcoin SV still cannot function independently of other forks..

Earlier we wrote that due to flaws in the Bitcoin SV blockchain network, BSV nodes spontaneously connect to nodes of another fork – Bitcoin Cash (BCH).

By the way, back in January, the Canadian billionaire and one of the main supporters of BSV, Calvin Eyre, attacked Bitcoin Cash with criticism. Eyre accused Bitcoin Cash of market manipulation in the absence of any blockchain development.

Bitcoin realities

Bitcoin is not doing well either. Due to the recent collapse in the price of bitcoin, the average miner suffers losses until the rate recovers to at least $ 7,400.

The situation is further aggravated by the fact that recently the block mining speed in the bitcoin network has dropped. The last few days, on average, it takes more than 13 minutes to mine one block.

Nothing like this has happened since November 2018.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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Unknown miner took control of the Bitcoin SV blockchain network
Unknown miner took control of the Bitcoin SV blockchain network

Bitcoin SV Mining & Economics explained by nChain | The Daily Exchange

Unknown miner took control of the Bitcoin SV blockchain network

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