Bitcoin Cash SV (BSV) miners have lost $2.2 million since launch

13 Apr, 2019
by David Robb
Bitcoin Cash SV (BSV) miners have lost $2.2 million since launch

Data from BitMEX Research shows that miners supporting the Bitcoin Cash SV fork may have lost a significant amount of money. Since BSV was first launched, gross mining losses are around $2.2 million. 

Bitcoin Cash SV (Satoshi's Vision) split from the main Bitcoin Cash (BCH) chain (sometimes referred to as Bitcoin Cash ABC or BABC) back in November 2018. It was a contentious decision, and the network is backed by Craig Wright, of the more controversial people in the crypto space. It still lacks support, and crypto figures including Vitalik and Anthony 'Pomp' Pompliano have reiterated criticisms of it recently.

Read more: Hodlonaut legal fundraising campaign is set up by #WeAreAllHodlonaut; Craig Wright continues to threaten, sends out 'law suit' lettersPomp adds up to BSV delisting calls: "Every exchange should delist BSV"

These latest figures show that miners who chose to support the Roger Ver-backed Bitcoin Cash ABC fork have fared significantly better than BSV miners. BABC took in total revenues of around $71 million since the split, compared to mining costs of around $32 million.

Meanwhile, the power costs for miners of BSV chain are around $20 million, while they have brought in total revenue of just $18.4 million. Observers on Twitter were not surprised at the news, and pointed out that its low liquidity may account for even greater losses. They also suggested that Craig Wright may sue the researchers for releasing this information, as this is a tactic he has been turning to recently with increasing frequency.

Read more: Why it's good you're still in cryptocurrency in 2019

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