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




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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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla



Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on will be halted for the initial 12-hour migration period, however, trading will continue. The post added:

“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.

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