Unknown miners take over Bitcoin SV blockchain

Originally reported by-Decrypt


A mysterious mining pool has just captured the majority of the Bitcoin SV (BSV) network hash rate, prompting concerns about the security of the network.

According to data by Coin Dance, an unknown Bitcoin miner, or miners, has significantly ramped up mining operations on the Bitcoin SV blockchain in the last few days. This now accounts for more than half of the Bitcoin SV hash rate—computing power that secures the network.

Bitcoin SV's Craig Wright has another lawsuit thrown out

As of yesterday (March 23), unknown miners contributed a total of 1,576 PH/s of mining power, up from 730 PH/s just a week earlier—a 100% increase.

Around the same time, a large amount of hash rate departed from Coingeek—a company that advocates for Bitcoin SV. It’s seen a 75% drop in the last week.

It’s possible that some of the miners have decided to move from Coingeek to another mining pool. But there are some differences. The unknown mining hash rate no longer processes transactions for the weather app that accounts for the majority of BSV transactions.

Since this mining entity now controls more than 50% of the Bitcoin SV network, it could—theoretically—launch a type of attack known as a 51% attack, which can cause all sorts of issues. If a 51% attack were launched, the attacker could do things like rewrite recently confirmed blocks, block transactions from confirming and double-spend recent transactions.

This is now the second time in three months that the Bitcoin SV network has seen a sudden switch from popular mining pools to individual mining or unknown pools. The last one occurred shortly after TAAL and Coingeek announced they would reduce Bitcoin SV mining fees, seemingly leading many miners to switch mining pools.

  • Bitcoin
  • Ethereum
Scan to Donate Bitcoin to bc1qgpg2g2nq6wzfn0vywve8ydrzqxpqw3st4dmpn9

Donate Bitcoin to this ERC20 address

Scan the QR code or copy the address below into your wallet to send some Bitcoin. The address is ERC20, anything helps.

Scan to Donate Ethereum to 0xc77aff36f2475d945fA837507C9596ee3D39a0Ec

Donate Ethereum to this ERC20 address

Scan the QR code or copy the address below into your wallet to send some Ethereum. The address is ERC20, anything helps.