An Unknown Miner Instructions Extra Than 51% of BSV’s Hashpower, Consecutive Strings of Empty Blocks Makes Chain Unreliable – Bitcoin Information

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A single miner has managed to overhaul a big portion of the Bitcoinsv (Bitcoin Satoshi’s Imaginative and prescient) blockchain capturing greater than 80% of the hashrate on October 17. As we speak, the unknown miner’s hashpower instructions round 54% of the Bitcoinsv’s computational energy and over the last seven days, the stealth miner captured 64.5%.

Unknown Hashpower Captured 64% of the Bitcoinsv Chain Throughout the Previous 7 Days, Empty BSV Blocks Renders Chain Ineffective at Occasions

Bitcoinsv (BSV) has been coping with an unknown miner trolling the challenge by mining empty blocks, and capturing a terrific majority of hashpower. Statistics from Coin Dance point out that the miner captured 80% of the hashrate between October 17 and 18, 2022.

Apparently, the unknown miner took over the blockchain’s hashrate in the course of the defamation trial between Craig Wright, the person who claims to be Satoshi Nakamoto, and the pseudonymous Bitcoiner Hodlonaut. Wright misplaced the lawsuit and Hodlonaut was acquitted of all claims associated to the defamation case.

The self-proclaimed Satoshi, in any other case generally known as Craig Wright, was additionally ordered to pay $348,257 to compensate Hodlonaut’s courtroom bills. Whereas the courtroom case was not but determined, the unknown miner ramped up its hashrate efforts a number of days earlier than the lawsuit ended.

An Unknown Miner Commands More Than 51% of BSV’s Hashpower, Consecutive Strings of Empty Blocks Makes Chain Unreliable
Coin Dance stats on Saturday, October 23, 2022. 24-hour metrics exhibits the stealth miner instructions round 54% of the Bitcoinsv’s computational energy and greater than 64% over the last week.

As an alternative of mining blocks with tens of 1000’s of transactions, the miner selected to mine near-empty blocks making the blockchain unusable for lengthy durations of time. The BSV miner leverages the BSV deal with “1KPST” and to this point the miner has managed to mine 31,111 BSV.

Whereas writing this text, at 8:30 a.m. (ET), the unknown BSV miner captured the final six blocks and every block subsidy has just one transaction (Block 762,740 to Block 762,745). The current assault towards BSV is just not the blockchain’s first rodeo with a malicious miner trolling the challenge.

An Unknown Miner Commands More Than 51% of BSV’s Hashpower, Consecutive Strings of Empty Blocks Makes Chain Unreliable
Bitcoinsv (BSV) has round 321 petahash per second (PH/s) of SHA256 hashrate, which implies it has roughly 15-20 megawatts of energy. Between October 17 and 18, the unknown miner captured 80% of BSV’s hashrate.

Bitcoinsv Was Attacked Final Yr and Suffered a 100-Block Reorganization

In mid-July 2021, crypto exchanges halted BSV deposits after 78% of the BSV hashrate was captured that month. Throughout the first week of August 2021, the community was dropped at its knees when a miner 51% attacked the Bitcoinsv chain. On Tuesday, August 3, 2021, the BSV community endured a 100 block reorg “wiping out 570K transactions,” in line with the founding father of Blockchair, Nikita Zhavoronkov.

On October 17, 2022, when the unknown miner captured round 80% of the community, the group behind the BSV challenge referred to as the Bitcoin Affiliation, stated that it deliberate to take motion towards the stealth miner.

“Bitcoin Affiliation is taking motion to contact all related exchanges and miners to freeze all block rewards related to this malicious miner and will likely be pursuing prison fees towards the entity/entities accountable,” the Bitcoin Affiliation wrote.

The Bitcoin Affiliation’s (BA) message additional notes that it has been monitoring the miner for months, and the elevated presence has induced “community issues for sincere miners and companies that work together” with the Bitcoinsv community.

In the identical weblog publish replace, BA insists that “producing an empty block is just not inherently a dishonest act per the principles set forth within the whitepaper.” The identical day, BA additionally tweeted out an article hosted on that claims “mining empty blocks hurts the Bitcoin community.”

On October 23, the native crypto asset bitcoinsv (BSV) is down 3% in worth towards the U.S. greenback and 1.8% towards bitcoin (BTC). Yr-to-date, the token BSV has misplaced 72.7% towards the buck and BSV is 90.5% down from the all-time excessive recorded on April 16, 2021.

Over the last 24 hours, BSV has seen $25.19 million in international commerce quantity and an excessive amount of trades stem from South Korea. The Korean received right this moment represents 46.68% of BSV’s international buying and selling pairs in line with knowledge. Tether (USDT) is BSV’s second-largest buying and selling pair with 35.69% of all BSV trades, adopted by usd coin (USDC) with 8.45% of BSV swaps.

Tags on this story
100 block reorg, 100 blocks, 51%, 51% assault, BA, Bitcoin Affiliation, bitcoinsv, Bitcoinsv (BSV), block reorg, Blockchain Reorganization, Blockchair, BSV, Coin Dance, Coin Metrics, Coingeek streaming channel, Hashpower, Hashrate, Liquidity, Lucas Nuzzi, malicious actor, Nikita Zhavoronkov, Reorg, reorganizations, South Korean Gained, Taal, Taal Pool, Unknown Miner

What do you concentrate on the unknown miner on the BSV chain mining an enormous quantity of empty block subsidies? Tell us your ideas about this topic within the feedback part under.

Jamie Redman

Jamie Redman is the Information Lead at Information and a monetary tech journalist dwelling in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 6,000 articles for Information concerning the disruptive protocols rising right this moment.

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