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Calvin Ayre's CoinGeek, an organization that operates both a cryptocurrency and a mining pool, is poised to have more than 51% of haschate on the Bitcoin Satoshi's Vision (BSV) network, which could be a source of concern.
According to the first reports of The Next Web, the data of Coin.Dance indicate that CoinGeek has, in recent days, around the 46% this week, although at present, it has fallen to about 40%. Over the past day, the mining pool has extracted about 396 blocks from the BSV chain.
In the last six months, according to the newspaper, CoinGeek's total weight exceeded 51% twice, between 18 and 25 November – just after the creation of the BSV channel via a direct connection between the BCH network – and between the 2nd and the 8th of March.
Getting 51% of the network's hashrate is considered negative because it could allow the entity controlling the majority of the hashrate to attack the blockchain and double the parts. This means that all network participants are forced to trust an entity not to attack.
Cryptocurrencies have suffered 51% attacks in the short history of cryptographic space, including Verge (XVG) and Bitcoin Gold (BTG). The most notable attack to date is that of Ethereum Clbadic (ETC), which has seen hackers compromise one of the most popular networks in the field to double spending on ETC for more than 1.1 million of dollars.
It should be noted that BMG Pool, a pool that currently holds about 31% of the BSV property, is operated by nChain, the software company founded by self-proclaimed Satoshi Nakamoto Craig Wright. This means that BMG Pool and CoinGeek are operated by the biggest supporters of BSV and together they hold about 71% of its sales rights.
Bitcoin SV year so far
Bitcoin SV was created on November 15 of last year and, although it had its problems before 2018, it experienced a much more turbulent period this year, with several cryptocurrency exchanges removing it from the list .
When CryptoGlobe covered, after Wright and Ayre threatened to sue crypto-Twitter users, Binance ended up dropping BSV and various other exchanges, including Kraken and ShapeShift, followed suit.
OKEx, on the contrary, of the largest cryptocurrency exchanges, refused to yield to the pressure and to suppress the cryptocurrency. At about the same time, however, Poloniex revealed that its users were "overwhelmingly" using the margin to shorten BSV and BCH on its platform.
GRAPHIC: Traders use the margin to reduce Bitcoin SV and Bitcoin Cash transactions on Poloniex.$ BSV $ BCHSV $ BCH $ BCHABC https://t.co/9lp2pMYifw
– Poloniex Exchange (@Poloniex) April 25, 2019
A recently released report revealed that since November, BSV block chain miners have accumulated gross losses of $ 2.2 million. These losses may become more significant in the near future as the round of delisting, combined with the seller's short pressure, weighed on the price of BSV.
According to CryptoCompare data, at the time of printing, BSV is trading at around $ 54.5, after rising 1% in the last 24 hours. Over the past 30 days, cryptocurrency has decreased by 15.7%, while the expanded market has grown by 19.8%, according to the MVIS CryptoCompare Digital Assets 100 Index.
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