A single miner who has taken over 80% of the Bitcoin Satoshi’s Vision (BSV) mining hash rate has, as a result, taken complete control of the BSV chain.
The miner has accumulated more than 9,000 BSV coins, valued at around $450,000, since September 9, three days before Craig Wright’s defamation trial against Hodlonaut in Norway. BSV is Craig Wright’s creation and what he alleges is the real Bitcoin. BSV is a fork of Bitcoin Cash (BCH), itself a fork of Bitcoin.
The takeover event is bizarre for a number of reasons, primarily because the hash rate was virtually constant before this particular individual began mining. They have also been mining blocks without any transactions and of just 254 bytes resulting in the chain becoming unusable at times.
Earlier today, it was reported that the Switzerland-based Bitcoin Association, a non-profit organization dedicated to “advancing Bitcoin SV,” has asked miners and exchanges to block the miner in question.
Craig Wright and BSV still struggling to win over bitcoiners
The price and trading volume of BSV has been trending down throughout this year’s bear market, but BSV has also been trailing in market cap even behind its parent BCH, with a market cap of just under $1 billion. Market caps can however be deceiving because they’re only the aggregate price of the supply according to current bids. In fact, BSV has seen a trading volume of around just $60 million per day over the past few weeks.
Craig Wright has so far failed to convince the majority of bitcoiners that he’s the real Satoshi with BSV trailing further and further behind other cryptocurrencies in market cap as time goes by.
He is also currently battling two libel cases against Hodlonaut for calling him out on his claims that he’s Satoshi, one in London and another in Norway.
Edit 18:20 UTC, Oct 25: Edited paragraph 6 for clarity re Craig Wright’s involvement with BCH and BSV.