Bitcoin SV Hashpower Still Doesn’t Make a Dent in the Bigger Scheme of Things

BlocDesk Bitcoin Mining Bitcoin cash Bitcoin SV

Creating a forked version of Bitcoin is a relatively easy task. Ensuring the “better” version of the world’s leading cryptocurrency gains any real traction, is something else entirely. For Bitcoin SV, it appears that the end is nigh, at least where some key metrics are concerned.

Bitcoin SV Keeps Losing Ground

Several metrics can help determine the overall health of a cryptocurrency network. Looking at the hashrate, for example , will often detail if miners are actively helping to secure the network. Combined with the number of network nodes, one often gets a good overview of what may be going on behind the scenes of a specific project. 

As far as Bitcoin SV is concerned, none of the statistics look too promising right now. This will not come as too big of a surprise to the majority of Bitcoin enthusiasts. Many people have publicly opposed the BSV fork since day one, and continue to do so even today. It now appears the miners and node operators are following a similar approach. 

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BlocDesk Bitcoin SV Hashrate
Source: Coin.Dance

To put this into perspective, the Bitcoin SV hashrate is decreasing rapidly. Looking at Bitcoin, Bitcoin Cash, and Bitcoin SV combined, BSV secures just 1% of the combined hashrate. This is slightly lower compared to BCH at 1.6%. Bitcoin itself, on the other hand, has 97.2% of all mining capacity. A massive display of overall dominance that cannot be ignored. 

The same can be said for the network nodes. Bitcoin SV struggles to gain any traction in this regard. With just 2.3% of all Bitcoin nodes – the combined count – shows there is a big gap. Even BCH is falling behind in a significant manner lately. At this point, one has to wonder if any recovery will materialize over the coming months.

Bitcoin Checks all of the Right Boxes

Some supporters of either Bitcoin Cash or Bitcoin SV will claim Bitcoin is too expensive to transact on. That is certainly true in comparison, but it seems hardly anyone cares about this particular aspect right now. Truth be told, using Bitcoin is not too expensive either right now. There have been periods where network fees skyrocketed, though, but that is somewhat to be expected. 

Source: CoinGecko

In terms of mining profitability, Bitcoin is clearly leading the pack. It is the most profitable chain to mine on, as the price of both BCH and BSV has plummeted significantly as of late. Bitcoin SV is clearly facing the brunt of this decrease,  as it is now valued at less than $165. A recovery is not impossible, but seems rather unlikely as of right now.