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Bitcoin SV [BSV] miners have accumulated a gross loss of about $2.2 million, says BitMEX research

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Bitcoin SV [BSV] miners have accumulated a gross loss of about $2.2 million says BitMEX research
Source: Unsplash

The disagreement between Roger Ver aka Bitcoin Jesus and Craig Wright led to the contentious hard fork of Bitcoin Cash, which further split into Bitcoin Cash ABC and Bitcoin SV. According to BitMEX research, Bitcoin SV miners have suffered a massive loss of $2.2 million due to its price.

BitMEX tweeted on April 13, 2019,

“Based on our estimates and current coin prices, since the November 2018 split, Bitcoin Cash SV miners have accumulated gross losses of US$2.2m (a negative gross profit margin of 12%). This is accounting for mining electricity costs only”

Source: Twitter

A total of 265,388 Bitcoin Cash ABC coins have been mined since the hard fork on November 14, 2018. According to BitMEX research, the minimal estimated cost for mining the coins of Bitcoin Cash ABC [now known as Bitcoin Cash] was $31.9 million. The total mining revenue earned by BCH miners was $74.3 million.

For Bitcoin Cash SV [now known as Bitcoin SV], a total of 263,550 coins have been mined and the minimal mining cost was $20.7 million. However, total revenue earned from mining was a mere $18.4 million, which put the miners at an approximate loss of $2.2 million.

This is not the first time Bitcoin SV has incurred massive losses. BitMEX research reported similar findings after the hard fork on November 19, 2018.

Since the fork, Bitcoin Cash has been performing well, when compared to Bitcoin SV. Craig Wright’s move of filing lawsuits against Twitter critics has garnered a lot of negative attention from the cryptoverse, with many coming out in support for those at the end of these lawsuits.

This even caught the attention of Binance’s CEO, CZ, who tweeted,

“Craig Wright is not Satoshi.
Anymore of this sh!t, we delist!”

Such a move would be detrimental to the Bitcoin SV camp, and would further pull down the prices of the struggling cryptocurrency.





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