According to the analytical division of the Binance cryptocurrency exchange, the motives of Bitcoin SV miners are not economic - mining other cryptocurrencies would be much more profitable.
In their study, Binance Research staffanalyzed the profitability of mining BTC, BCH and BSV. According to their calculations, Bitcoin SV miners could earn much more if they switched to mining other cryptocurrencies, so it is obvious that profit is not their goal.
“In general, the Bitcoin SV miner reward model suggests that people who do not expect profit are behind the majority of the hash of the network,” the study notes.
If between November 2018 to December 2019Since the miners mining BSV switched to BTC, their additional profit would have amounted to a total of $ 12 million to $ 13 million. The total profit from mining this coin was $ 75 million, that is, the miners did not receive about 16-17% of the profit.
“In the first half of 2019, BSV minersalmost always received less profit than miners of other coins. As for losses from missed opportunities, then most likely they have their own selfish interests. For example, they store a large number of BSVs, and they need to protect the network, even with lost profits, ”analysts say.
In the middle of this year, user researchTwitter’s social network under the pseudonym Painted Frog showed that almost all transactions in the Bitcoin SV blockchain are created by WeatherSV.com.</p></p>