{"id":14134,"date":"2022-10-23T14:06:17","date_gmt":"2022-10-23T14:06:17","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/an-unknown-miner-commands-more-than-51-of-bsvs-hashpower-consecutive-strings-of-empty-blocks-makes-chain-unreliable-bitcoin-news\/"},"modified":"2022-10-23T14:06:17","modified_gmt":"2022-10-23T14:06:17","slug":"an-unknown-miner-commands-more-than-51-of-bsvs-hashpower-consecutive-strings-of-empty-blocks-makes-chain-unreliable-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/an-unknown-miner-commands-more-than-51-of-bsvs-hashpower-consecutive-strings-of-empty-blocks-makes-chain-unreliable-bitcoin-news\/","title":{"rendered":"An Unknown Miner Commands More Than 51% of BSV\u2019s Hashpower, Consecutive Strings of Empty Blocks Makes Chain Unreliable \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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A single miner has managed to overtake a large portion of the Bitcoinsv (Bitcoin Satoshi\u2019s Vision) blockchain capturing more than 80% of the hashrate on October 17. Today, the unknown miner\u2019s hashpower commands around 54% of the Bitcoinsv\u2019s computational power and during the last seven days, the stealth miner captured 64.5%.<\/strong><\/p>\n

Unknown Hashpower Captured 64% of the Bitcoinsv Chain During the Past 7 Days, Empty BSV<\/a> Blocks Renders Chain Useless at Times<\/h2>\n

Bitcoinsv (BSV<\/a>) has been dealing with an unknown miner trolling the project by mining empty blocks, and capturing a great majority of hashpower. Statistics<\/a> from Coin Dance indicate that the miner captured 80% of the hashrate<\/a> between October 17 and 18, 2022.<\/p>\n

Interestingly, the unknown miner took over the blockchain\u2019s hashrate during the defamation trial between Craig Wright, the man who claims to be Satoshi Nakamoto, and the pseudonymous Bitcoiner Hodlonaut. Wright lost the lawsuit and Hodlonaut was acquitted of all claims related to the defamation case.<\/p>\n

The self-proclaimed Satoshi, otherwise known as Craig Wright, was also ordered to pay $348,257 to compensate Hodlonaut\u2019s court expenses. While the court case was not yet decided, the unknown miner ramped up its hashrate efforts a few days before the lawsuit ended.<\/p>\n

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Coin Dance stats on Saturday, October 23, 2022. 24-hour metrics shows the stealth miner commands around 54% of the Bitcoinsv\u2019s computational power and more than 64% during the last week.<\/figcaption><\/figure>\n

Instead of mining blocks with tens of thousands of transactions, the miner chose to mine near-empty blocks making the blockchain unusable for long periods of time. The BSV<\/a> miner leverages the BSV<\/a> address \u201c1KPST<\/a>\u201d and to date the miner has managed to mine 31,111 BSV<\/a>.<\/p>\n

While writing this article, at 8:30 a.m. (ET), the unknown BSV<\/a> miner captured the last six blocks and each block subsidy has only one transaction (Block <\/span>762,740<\/span><\/a> to Block <\/span>762,745<\/a>)<\/span>. The recent attack against BSV<\/a> is not the blockchain\u2019s first rodeo with a malicious miner trolling the project.<\/p>\n

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Bitcoinsv (BSV<\/a>) has around 321 petahash per second (PH\/s) of SHA256 hashrate, which means it has roughly 15-20 megawatts of power. Between October 17 and 18, the unknown miner captured 80% of BSV<\/a>\u2019s hashrate.<\/figcaption><\/figure>\n

Bitcoinsv Was Attacked Last Year and Suffered a 100-Block Reorganization<\/h2>\n

In mid-July 2021, crypto exchanges halted BSV<\/a> deposits after 78% of the BSV hashrate<\/a> was captured that month. During the first week of August 2021, the network was brought to its knees when a miner 51% attacked the Bitcoinsv chain. On Tuesday, August 3, 2021, the BSV<\/a> network endured a 100 block reorg<\/a> \u201cwiping out 570K transactions,\u201d according to the founder of Blockchair, Nikita Zhavoronkov.<\/p>\n

On October 17, 2022, when the unknown miner captured around 80% of the network, the organization behind the BSV<\/a> project called the Bitcoin Association, said that it planned to take action<\/a> against the stealth miner.<\/p>\n

\u201cBitcoin Association is taking action to contact all relevant exchanges and miners to freeze all block rewards associated with this malicious miner and will be pursuing criminal charges against the entity\/entities responsible,\u201d the Bitcoin Association wrote.<\/p>\n

The Bitcoin Association\u2019s (BA) message further notes that it has been tracking the miner for months, and the increased presence has caused \u201cnetwork problems for honest miners and businesses that interact\u201d with the Bitcoinsv network.<\/p>\n

In the same blog post update, BA insists that \u201cproducing an empty block is not inherently a dishonest act per the rules set forth in the whitepaper.\u201d The same day, BA also tweeted out an article<\/a> hosted on bitcoinsv.com that claims \u201cmining empty blocks hurts the Bitcoin network.\u201d<\/p>\n

On October 23, the native crypto asset bitcoinsv (BSV<\/a>) is down 3% in value against the U.S. dollar and 1.8% against bitcoin (BTC<\/a>). Year-to-date, the token BSV<\/a> has lost 72.7% against the greenback and BSV<\/a> is 90.5% down from the all-time high recorded on April 16, 2021.<\/p>\n

During the last 24 hours, BSV<\/a> has seen $25.19 million in global trade volume and a great deal of trades stem from South Korea. The Korean won today represents 46.68% of BSV<\/a>\u2019s global trading pairs according to cryptocompare.com data<\/a>. Tether (USDT<\/a>) is BSV<\/a>\u2019s second-largest trading pair with 35.69% of all BSV<\/a> trades, followed by usd coin (USDC) with 8.45% of BSV<\/a> swaps.<\/p>\n

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100 block reorg<\/a>, 100 blocks<\/a>, 51%<\/a>, 51% attack<\/a>, BA<\/a>, Bitcoin Association<\/a>, bitcoinsv<\/a>, Bitcoinsv (BSV)<\/a>, block reorg<\/a>, Blockchain Reorganization<\/a>, Blockchair<\/a>, BSV<\/a>, Coin Dance<\/a>, Coin Metrics<\/a>, Coingeek streaming channel<\/a>, Hashpower<\/a>, Hashrate<\/a>, Liquidity<\/a>, Lucas Nuzzi<\/a>, malicious actor<\/a>, Nikita Zhavoronkov<\/a>, Reorg<\/a>, reorganizations<\/a>, South Korean Won<\/a>, Taal<\/a>, Taal Pool<\/a>, Unknown Miner<\/a><\/div>\n<\/div>\n

What do you think about the unknown miner on the BSV<\/a> chain mining a massive amount of empty block subsidies? Let us know your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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