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BitMEX Research: Mining Of Bitcoin SV Resulted In $2.2 Mln Of Losses

15 April 2019 12:53, UTC
BitMEX Research: Mining Of Bitcoin SV Resulted In $2.2 Mln Of Losses

After the split of Bitcoin Cash ABC (BCH) and Bitcoin SV (BSV) in November 2018, the miners supporting BSV suffered an estimated loss of more than $2.2 mln to ensure the network security, according to BitMEX Research.

According to the study, the miners of BSV have accumulated gross losses of $ 2.2 million just for electricity. These losses are estimated at an even higher volume, taking into account the depreciation of equipment, overhead costs and labor costs. Meanwhile, those who support BCH received a gross profit of $42.4 mln.

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As it is known, the fork resulted in the major miners choosing sides: Bitmain took the side of BCH. Most of the BSV mining is run by facilities that reportedly are owned by Calvin AYRE, a billionaire and a well-known entrepreneur in the gambling industry. According to the statistical platform Coin Dance, CoinGeek controlled 28% of the network mining power. The study suggests that supporting the BSV network has no financial sense. Thus, Ayre's motives can vary from gaining influence in the crypto sphere to the potential growth of the coin rate.

Image courtesy by Altcoin Flow



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