bitcoin sv hashrate war

Many people thought that the seemingly endless Bitcoin Cash hash wars ended with Bitcoin ABC being crowned victor. Bitcoin ABC had the longest chain and the most hashing power. However, recent events show that it’s quite the opposite. Bitcoin SV has recovered, multiplying its value from a laughable $38 to a whopping $112 in just 3 days. On the other hand, Bitcoin ABC, the direct enemy of Bitcoin SV has only increased in price by 5% in the same timeframe.

Hash Wars: Return of the Jedi

Just last week, both Bitcoin.com and Antpool rerouted their hashing powers from BTC to BCH in order to increase the strength of the proposal they chose to support (BTCSV). Before both of these companies decided to mine Bitcoin Cash, Bitcoin SV — The party that opposes the Bitcoin Cash hard fork — was actually leading the Hash Wars. Bitcoin SV had 75% of the miners on the network. Shortly after this, Bitcoin ABC made an unprecedented return, scooping up 73% of the miners, leaving BTC SV with 27%.

Currently, Bitcoin ABC owns about 64% of the Bitcoin Cash network hash rate. BTCSV’s share is currently at 36%. It seems as though the hashing power on the network is constantly changing. Less than 2 hours prior to writing this post, the difference between these two competitors reduced to under 20%. It’s crazy to think that just a week ago on November 20, 2018, this difference was even larger. Bitcoin ABC saw support from 73% of the miners on the network, while BTCSV stood on one leg with a measly 27%.

Bitcoin SV Scalability Goals

Craig Wright, Leader of the BTCSV development team, recently published his predictions about the future of Bitcoin SV. A highly ambitious idea Wright has; is to increase Bitcoin SV’s scalability in order to handle 1TB of transactions during peak times within 3 years. As it stands, Bitcoin SV has a block size of 64mb. It’s set to increase to 512mb within six months, then up to 2gb within a year. As well as this, Wright also states that due to these upgrades coming to the block size limit; Bitcoin SV miners could potentially be earning $8,000 per block within six months.

Bitcoin as SV will have miners earning over $8,000 a block based on use alone. That equates to $640 a Bitcoin on exchanges, and we have not factored in the gambling price of Bitcoin, just what miners will earn as a service – Craig Wright

According to Craig Wright, within the space of 2-3 years, Bitcoin SV will have the ability to handle 6.5 million transactions per second. For some perspective, this would be: Visa, MasterCard, Banking with SWIFT and ALL global currencies available (not just cryptocurrencies) in just under 15% of a block. While this is an extremely bold statement, price charts are where the facts remain. (Don’t forget we have multiple trading pair charts on ice3x.com)

bitcoin sv price chart

As you can see in the following charts, Bitcoin SV had a floor of support around the price of $39, and has been exploding in value since then. Currently, a single BTCSV token is worth $107. Could it go higher? Or do you think it will go lower? Let us know your thoughts in the comments below!

 

 

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