Bitcoin SV (BSV), the BTC hard fork and fake Satoshi Nakamoto, Craig Wright’s favorite blockchain project is in deep trouble.
Dubbed the “real Bitcoin” by Wright, the abrupt taken over of Bitcoin SV’s network put in doubt about the future of the 6th popular altcoin, by market cap.
Is a Bitcoin SV hard fork on the horizon?
Thus far, no one knows who’s behind the Bitcoin SV (BSV) takeover. However, there are already speculations of a hard fork.
There are reports that Bitcoin SV’s network hash rate and mining power has increased overwhelmingly to 1535 PH/s from previous 675 PH/s high.
Twitter user, p00rm30rY first alert the crypto community:
😜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!
— p00rM3m0rY (@CourierBonded) March 23, 2020
This, however is not the first attack on Bitcoin SV. The network faced the same situation in the end of January 2020. Although it was brief, it put the crypto community on edge.
Possible Bitcoin SV’s attack outcomes
Any individual with such access privilege can rewrite and completely take over the Bitcoin SV’s chain. Some, however, expressed a more positive stance toward the occurrence.
For years, crypto miners have been claiming that Bitcoin BSV lacks profitability margin to allocate resources to it. Some traders look at the sudden network hash rate increase as a sign that miners now sees mining BSV as profitable.
Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin SV (BSV) have identical hashing algorithm. Therefore, converting mining rigs to mine BSV can occur with a simple switch.
Bitcoin SV (BSV) issues mounting
Since it’s launch in 2018, Bitcoin SV has been fiercely debated. It’s founder, Craig Wright maintains BSV is the original Bitcoin, while others claim it’s simply a coin created for the purpose of pumping and dumping and will only profit early backers.
Critics have repeated point out evidence of wash fake bot transaction volumes, manipulation and wash trading trading.
Bitcoin SV’s reputation also suffers from mounting legal troubles facing its main founder. Wright finds himself in courts, defending himself more than working to improve the project.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.