A single miner has managed to overtake a large portion of the Bitcoinsv (Bitcoin Satoshi’s Vision) blockchain capturing more than 80% of the hashrate on October 17. Today, the unknown miner’s hashpower commands around 54% of the Bitcoinsv’s computational power and during the last seven days, the stealth miner captured 64.5%.
An unknown hashpower captured 64% of Bitcoinsv’s chain during the past 7 days, empty BSV blocks renders the chain useless at times
Bitcoinsv has been dealing in an anonymous miner, who is mining the empty blocks of Bitcoinsv and hashpower. According to Coin Dance statistics, the miner seized 80% of hashrate from October 17-18, 2022.
Interestingly, the unknown miner took over the blockchain’s hashrate during the defamation trial between Craig Wright, the man who claims to be Satoshi Nakamoto, and the pseudonymous Bitcoiner Hodlonaut. Wright was dismissed from the case and Hodlonaut was exonerated of any claims in the defamation matter.
The self-proclaimed Satoshi, otherwise known as Craig Wright, was also ordered to pay $348,257 to compensate Hodlonaut’s court expenses. The court case wasn’t yet resolved but the mysterious miner increased his hashrate efforts just days before the lawsuit was over.
Instead of mining blocks with thousands of transactions, the miner chose not to do so. This makes the blockchain useless for extended periods. The BSV miner leverages the BSV address “1KPST” and to date the miner has managed to mine 31,111 BSV.
As this article was being written, an unknown BSV miner captured the six last blocks at 8:15 a.m. ET. Every block subsidy is limited to one transaction.Block 762,740Block 762,745). The recent attack against BSV is not the blockchain’s first rodeo with a malicious miner trolling the project.
Bitcoinsv was attacked last year and suffered a 100-block reorganization
BSV deposits were stopped by crypto exchanges in mid-July 2021 after 78% hadhrate from that month was captured. The network came to an abrupt halt when 51% of the Bitcoinsv mining community attacked it. On Tuesday, August 3, 2021, the BSV network endured a 100 block reorg “wiping out 570K transactions,” according to the founder of Blockchair, Nikita Zhavoronkov.
The Bitcoin Association was formed to combat the theft miner on October 17th, 2022.
“Bitcoin Association is taking action to contact all relevant exchanges and miners to freeze all block rewards associated with this malicious miner and will be pursuing criminal charges against the entity/entities responsible,” the Bitcoin Association wrote.
The Bitcoin Association’s (BA) message further notes that it has been tracking the miner for months, and the increased presence has caused “network problems for honest miners and businesses that interact” with the Bitcoinsv network.
In the same blog post update, BA insists that “producing an empty block is not inherently a dishonest act per the rules set forth in the whitepaper.” The same day, BA also tweeted out an article hosted on bitcoinsv.com that claims “mining empty blocks hurts the Bitcoin network.”
The native cryptocurrency asset bitcoinsv is (BSV), down by 3% against the U.S. Dollar and 1.8% towards bitcoin (BTC) on October 23. Token BSV has fallen 72.7% against USD year to date. BSV’s 90.5% drop is compared with the April 16 2021 record.
BSV’s global trade volume has increased to $25.19 millions in the past 24 hours. A lot of these trades are from South Korea. The Korean won today represents 46.68% of BSV’s global trading pairs according to cryptocompare.com data. Tether (USDT) is BSV’s second-largest trading pair with 35.69% of all BSV trades, followed by usd coin (USDC) with 8.45% of BSV swaps.
How do you feel about an unknown miner on the BSV Chain mining huge amounts of block subsidies empty? We’d love to hear your opinions on the subject below in comments.
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