Bitcoin SV (BSV) Takeover Detected, Mining Pool Members Suspected – Hard Fork Imminent?

Bitcoin SV BSV Takenover Detected - Hard Fork Imminent?

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:

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.

Also read: Craig Wright Book “Behind the Mask: Craig Wright and the Battle for Bitcoin” Dropped by Publisher

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.

Related: Bitcoin SV Price Pumps 95%, Did Craig Wright Prove His Satoshi Nakamoto?

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.

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