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Exchange Providers Halt BSV Services as Mining Pool Captures...
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Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate

The cryptocurrency community has been discussing the Bitcoinsv network as a mining pool called Taal has well over 51% of the hashrate. Data from the analytical crypto website Coin Dance shows the mining pool Taal commands over 78% of the network’s hashrate during the last 24 hours. On Tuesday, the European cold storage provider, Gravity, says it has suspended bitcoinsv trading “due to several large exchanges disabling BSV deposits [and] withdrawals.”

According to statistics, a mining operation called Taal currently commands well over 51% of the Bitcoinsv (BSV) network’s hashrate. On Wednesday, the mining pool Taal captures more than 78% of the BSV hashrate in terms of distribution among five known pools and 13% of unknown hashrate. Data from the web page sv.coin.dance/blocks indicates that during the trailing seven days, Taal commanded 69% of the network’s hashpower. Block details show that a great majority of BSV blocks have been found by Taal’s operation.

Data from the web portal sv.coin.dance/blocks on July 14, 2021.

Besides Taal’s hashpower, other mining pools mining the BSV chain include Viabtc, SBI Crypto, Btc.com, F2pool, and Svpool, at least for today. During the week, other known pools like Solomining, Hathor, and Matter pool have also found BSV blocks. Last week, the Switzerland-based global industry organization, the Bitcoin Association (for BSV), explained that the BSV network was being attacked by a malicious entity.

“A malicious actor has recently been carrying out block re-organization attacks on the Bitcoin SV network,” the Bitcoinsv group noted on July 8. “[It] appears to be intentional acts in an effort to mask the illegal double-spending of coins. The Bitcoin SV Infrastructure Team have identified one of the addresses connected with the attack as being long associated with ransomware and other attacks on the BTC, BCH, and BSV chains – so the malicious actor is engaged in illegal activity which could involve also BTC and BCH, and not just the BSV network,” the BSV organization added.

Gravity Suspends Bitcoinsv Trading and 51% Attack Explanations

Following the attack, the Twitter account @dash_community tweeted that the Bitcoinsv chain should have had protections like Chainlocks, similar to what’s been implemented on the Dash network. “To prevent damaging block reorganizations like this one, BSV should implement Chainlocks, which Dash pioneered (but which other projects like [Firo] also use), which make reorganizations impossible. Evolve or die,” the account tweeted last week.

After the reorganization issue, reports noted that the exchanges Huobi and Okex halted withdrawals and deposits for BSV. “Huobi Global [has] disabled BSV deposits and withdrawals; no advance warning was given. They are fighting BSV because they know it is the real Bitcoin,” one Bitcoinsv supporter wrote.

Then on July 13, the cold storage provider, Gravity, told its Twitter followers that it was disabling BSV trades.

Meanwhile, the Coingeek streaming channel that focuses on Bitcoinsv (BSV) news coverage and the BSV ecosystem, also discussed the situation. Kurt Wuckert Jr. hosted the show and he responded to the criticisms that were being cast at the BSV chain. Wuckert Jr., also made similar statements the day prior on Twitter.

“51% attacks don’t really exist without the exchange-based bitcoin economy,” Wuckert Jr. tweeted. Huobi [and] Okex stopped withdrawals/deposits, but they will be back. Honest nodes reject malicious blocks, and then further attempts are waste. Things will be back to normal soon,” he added.

<Source: Bitcoin News>

 

 

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