Craig Wright's Bitcoin Cash Hardfork Under Scrutiny: Why A Ban Is Imminent

Zinger Key Points
  • 80% of the Bitcoin Satoshi Vision's hashrate contributed by one miner.
  • Bitcoin Association calls for a block on the miner.

One miner on the Bitcoin Satoshi Vision BSV/USD network is in total control of the hard fork, mining empty transaction blocks to capture over 80% of the BSV hashrate.

The developer of the BSV network is an Australian computer scientist named Craig Wright who claims to be Satoshi Nakamoto, the pseudonym used by the creator of Bitcoin BTC/USD.

The BSV network's hashrate was essentially stable prior to the miner's startup, with the exception of a surge in June 2022.

What Is A Hash Rate?

The amount of processing power required to crack a cryptographic puzzle called a hash and add a new block to a chain is measured by the hashrate.

Other nodes in the BSV network will try to verify the solution after the puzzle has been completed.

On-chain data shows that since Sept. 9, 2022, the miner has accumulated over 9,000 BSV.

The Switzerland-based Bitcoin Association has requested that exchanges ban the miner that mined empty transaction blocks in order to only get the block subsidy and not transaction fees.

Empty blocks are frequently criticized for leaving more profitable transactions in the mempool since they don't carry any transaction information other than the Coinbase transaction information.

The mempool is a collection of blockchain transactions that have been submitted but have not yet been carried out.

BSV Price Action

As a hard fork of Bitcoin Cash BCH/USD — which was a hard fork of the original Bitcoin code — Wright developed Bitcoin Satoshi's Vision.

When a blockchain community and developers produce a new blockchain with distinct consensus rules from the original, this is known as a "hard fork."

Transactions on the new blockchain cannot be validated by nodes on the previous network.

Wright, a longtime proponent of the notion that he invented Bitcoin, has had trouble gaining support from the Bitcoin and Bitcoin Cash communities.

The currency is presently trading for $48.62.

It is designed to be a deflationary currency, similar to Bitcoin, and will only ever produce 21 million coins.

Next: Bitcoin's Volatility Below Equities: Boon Or Bane?

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