Bitcoin SV [BSV] is one of the few cryptocurrencies that will be happy to turn the page from April to May, after what has been a disastrous month for the coin. Following its price debacle, Satoshi’s Vision has now seen its hashrate fall to an all-time low.
According to a chart by the cryptocurrency analytics company, Longhash, Bitcoin SV hashrate has decreased by a whopping 86 percent in the past five months. When the coin emerged after the hardfork with Bitcoin Cash [CBH], it posted a hashrate of 4.374 Exabyte, during the hashwar that ensued.
Owing to the larger crypto winter and several isolated drawbacks for the coin, BSV has seen its price, market cap, and hashrate drop significantly. During the close of November, just before the winter hitting its peak, the hashrate dropped to 833.73 Petabyte and fluctuated over 1E for the next few months.
The all-time-low hashrate for the coin was recorded on the 26 of April, when it dropped to 472.54P, which was a drop of over 50 percent from its early April figure of 976.59P.
However, it should be noted that since dropping to the aforementioned low, the hashrate has since picked up in the past few days. On April 30, the coin recorded a hashrate of 604.2P, an increase of 27.8 percent from April 26.
Coingeek, the media arm of the Satoshi Vision project, which also runs a mining pool, interestingly, has been vying for 51 percent hold on the coin’s hashrate, which is causing concern within the BSV community. According to Coindance.io, in the past six months, Coingeek’s has surged over the 51 percent mark twice, the first during its emergence in November 2018 and the next in early March 2019.
Furthermore, nChain the company behind the BSV project also operates BMG Pool, the mining pool that holds around 30 percent of the coin’s hashrate which would mean that internal control, via CoinGeek and nChain , accounts for over 70 percent of the coin’s hahsrate.
Bitcoin’s ascendance over $5,000 earlier in the month, set off bullish swings for several altcoins, less so for Bitcoin SV. Since the beginning of the month, the coin’s price has dropped over 39.7 percent, while the market added over $40 billion market cap.
The primary factor for BSV’s April agony was the coin’s ousting from a number of major exchanges, most notably Binance. Shapeshift, Kraken and Bitforex were other exchanges that let the coin go, following the BSV camp’s spearheads’ sending legal notices and “bullying,” those who opposed BSV’s main man, Craig Wright’s assertions of being the creator of Bitcoin Satoshi Nakamoto.
Subscribe to AMBCrypto’s Newsletter
Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”
A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.
The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].
Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.
Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”
Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”
Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.
The report added,
“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”
Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.
The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.
Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.
Subscribe to AMBCrypto’s Newsletter