The Bitcoin SV network has been a topic of conversation recently as stealth miners currently command more than 55% of the chain’s overall hashrate during the last seven days. Last year analysts noticed a large amount of the hashrate on all three SHA256 networks (BTC, BCH, and BSV) was being processed by mystery miners. Since then both BTC and BCH only have a small percentage of stealth miners hashing away at each network. Meanwhile, BSV and the coin’s community of participants currently face a block reward reduction 16 days from now.
Mystery Miners Control Over 58% of the Bitcoin SV Network
There’s a whole lot of secret mining happening on the BSV blockchain and no one’s quite sure where the hashrate stems from. At press time, the stealth miners hashing the BSV chain right now represent 55% of the overall hash during the last seven days and 58% of the hashrate today. Most bitcoiners understand that if a single entity controls more than 51% of the network then it’s possible to execute double spends and chain reorganizations.
No one’s quite sure where all the hash is stemming from and whether or not it comes from multiple mining entities. What we do know is that since January 2019 and during the course of the year BTC, BSV, and BCH saw a bunch of mystery miners allocating a piece of the pie from the global hashrate.