- BSV’s price, mining rewards and security see a decline
- BSV’s daily mining rewards and hashrate have been on a decline
- This could lead to security issues next year when their halving takes place
- This comes following their delisting from various exchanges
Things have not been looking good for bitcoin SV in the last few weeks. This all started with their creator Craig Wright claiming to be Satoshi Nakamoto, the creator of bitcoin. For a while, these were seen as nothing but wild claims by Wight. However, things got serious when Wright began taking legal action against those who called him out for his claim.
In the past, BSV was never a major coin, mostly because it was seen as a less powerful version of bitcoin. BSV was created in November 2018 and unlike the original bitcoin, it has a larger block size limit and lacks certain smart contract functionalities.
However, hostility had never been part of the equation until recently. After Wright took legal action against those who called him out and put a $5000 bounty on the identity of Twitter user Holdonaut, he suffered intense retaliation from powerful figures in the crypto industry. The first of these to speak out was Changpeng Zhao, the CEO of Binance. Zhao was quick to remove the token from the Binance platform and soon after, many other exchanges such as Shapeshift Kraken and Bitlite followed suit.
On a Decline
The delisting of BSV is only one of its problems. Another thing it has to contend with is its declining price value. As of April 23, 2019, the token traded for $90.39. By April 14, 2019, the token traded for $70.11, which represented a drop of 22.4 percent and it only got worse after the delistings took place. After Binance took down the coin, its price fell to $54.55, which represented a decline of another 22.2 percent.
Interestingly enough, this is not even the last of BSV’s problems. First, it faces the problem of declining miner revenue. As of January 1, 2019 – made $157,187.40 compared to the $98,124.61 they made on April 16, 2019, which saw a 37.5 percent decline in daily miner revenue. BSV’s hashrate has also seen a decline from 976.5964 as of April 1, 2019, to 699.5656 as of April 16, 2019, a decline of 28.4 percent.
It should also be considered that BSV will be undergoing a halving next year, which could leave the BSV chain very unsecured especially compared to bitcoin.