Blockchain startup Bitcoin SV is losing its hash rate profile to rival projects, according to data provided by Coin Metrics.
Where Are All the Miners?
The data analysis firm found that Bitcoin SV’s hash rate market share touched its all-time low as of September 9, 2019. At its peak, Bitcoin SV occupied almost 9 percent of the total hash rate against Bitcoin and Bitcoin Cash. Nevertheless, the current statistics show a significant drop in Bitcoin SV’s market share – now close to 1 percent.
Hash rate typically signifies the speed at which a miner finds the block on a blockchain. For miners, a drop in hash rate means less competition – since there is less number of participants in the network. Meanwhile, for users and system, it means less security, congestion, and transaction delays. While Bitcoin SV claims it is a robust network idiosyncratically, data from Coin Metric shows it is less healthy than the blockchains of…