June 17, 2024

Bitcoin CB miners inefficiently use their computing power

Bitcoin CB miners inefficiently use their computing power

According to the Binance study, mining Bitcoin CB is irrational, as it is not justified from an economic point of view.

Profitability analysis of bitcoin mining, bitcoin cashand Bitcoin SV over the past 13 months has shown that BSV miners have earned much less than their peers. As a result, the research team came to the conclusion that supporters of last year's fork before August were guided primarily by political and other factors rather than economic ones.

According to Binance Research, from November 2018 to December 2019BSV miners could earn a total of$13 million more if Bitcoin were mined. Analysts believe that the community appears to have been operating at minimal profitability or at a loss for the first six months in order to own as many Bitcoin SV coins as possible, and are now being driven by corporate interests to support the BSV network to preserve their capital.

Bitcoin CB miners inefficiently use their computing power

The diagram shows the difference (%) in the profitability of BSV and BTC mining from November 15, 2018 to December 15, 2019.

The exchange also examined the profitability of bitcoin cache mining. According to the team, BCH miners lost $ 7.7 million due to the irrational distribution of their computing power. However, in this case, they lost only 4% of the income.

Let us recall that in October, Bitmain launched the global WDMM platform to optimize mining.