Crypto: A single miner contributes 80% of the BSV network hashrate

The Bitcoin Satoshi Vision (BSV) cryptocurrency was created by Craig Wright who wanted to improve the scalability of bitcoin (BTC) and Bitcoin Cash (BCH). As a computer scientist, Wright, who has always claimed to be Satoshi Nakamoto, considers BSV to be the genuine version of Bitcoin. He wants his crypto to become a currency used all over the world for daily transactions. Recently, an abnormality was discovered on the Bitcoin Satoshi Vision network. Here’s what its about.

A miner responsible for mining empty blocks on the BSV network

According to an article published by the BeIn Crypto platform, a single miner is responsible for 80% hashrate of the BSV network. This miner has thus managed to have full control over the network of the pseudo-creator of Bitcoin. Note that he proceeded to the mining of empty transaction blocks. It appears that the miner has achieved a 51% attack.

The data reveals that the miner managed to accumulate more than 9,000 BSV. It had been mining empty blocks since September 9, 2022. It should be noted that there was some consistency in the hashrate of Bitcoin Satoshi Vision, before the miner went live. There was still a peak around June 2022.

The publication of Bein Crypto

The Bitcoin Association Urges Other Miners and Exchanges to Respond

Having heard the news, the Bitcoin Association, which is based in Switzerland, urged miners and exchanges to crack down. Indeed, she asked these different crypto players to block miner. In fact, mining empty transaction blocks allowed the miner to earn the block subsidy without the required transaction fee. The miner earned a significant amount with the amount of tokens he managed to accumulate. You must know that BSV is around $48.50 currently.

Also, empty blocks generally do not contain transaction information. Note that they only contain them on the Coinbase crypto exchange. That said, the problem with empty blocks is that they leave more profitable transactions in the mempool. The latter happens to be the set formed by the transactions waiting to be executed on a blockchain.

As his blockchain faces a 51% attack, Craig Wright is waging a legal battle against Magnus Granath (aka Hodlonaut). The pseudo-creator of Bitcoin is expected to be set on the outcome of the trial on November 8, 2022.

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