The decision from the Bitcoin SV camp to password-protect their road map seems like a curious one
Bitcoin SV has cut its miners’ block reward in half for the first time. Miners on the network produced the 630,000th block around 00:50 UTC on Friday, which, by design, triggered the halving event that reduced mining rewards from 12.5 BSV to 6.25 per block. Besides, if you want to catch a glimpse of Bitcoin SV roadmap, fluct need to be part of the inner circle first. Head over to the page where it resides, and I’m met with a message saying “protected” and prompting you to enter a password.
Bitcoin SV first halving crimps profits for BSV miners
The total computing power racing on Bitcoin SV has declined by some 25 percent since a recent high around four exahashes per second (EH/s) in early February, following BSV’s price plunged from $ 370 to $ 110 within a month. The price had bounced back to over $ 200 over the past several weeks.
The halving event came just a day after the same milestone for Bitcoin Cash, which broke off the Bitcoin network following a heated community disagreement in 2017. Miners on the Bitcoin SV network may face the same profitability issue as those on Bitcoin Cash.
Following Bitcoin Cash’s halving Wednesday, the hashing power on the network has dropped from around 3.5 EH/s to 2.5 EH/s. It took miners about 100 minutes to mine the first block after the Wednesday halving, while the average block production time is designed to be 10 minutes. This week marked the first halvings for the Bitcoin Cash and Bitcoin SV networks since their births in 2017 and 2018, respectively.
Bitcoin Satoshi Vision roadmap is password protected
The decision from the Bitcoin SV camp to password-protect their road map seems like a curious one.
Dragon Industries founder Arthur van Pelt stated:
The BSV Roadmap is only for people with a password now. 🤷♂️ pic.twitter.com/drmDIElbMB
— Arthur van Pelt – Dragon Industries (@MyLegacyKit) April 10, 2020
There is no way to register or create a password, so it seems the route is for only a select few. That is, the centralized inner circle of Satoshi’s real vision for Bitcoin … or however that goes.
Arthur van Pelt added:
“Lost on the road to nowhere.”
— Bas Peters ⚡️🍻🍿 (@Bas_02) April 10, 2020
While others suggested to:
“Try 1,2,3,4,5. Passwords must be as secure as their network.”
Perhaps Craig Wright and his team are still finding a roadmap for decentralized BSV. But it certainly raises a few things about what’s going on there. With its first halving completed today, if the BSV network follows the same path as BCH in the last two days, its hashrate will drop off a cliff as its miners capitulate to Bitcoin to make more significant gains.
Benjamin Celermajer CMBI Manager at Coin Metrics, BCH hashrate is “falling through the roof”. It is down 73% in two days, and Bitcoin SV will likely follow suit.
— Benjamin Celermajer (@CelermajerB) April 10, 2020
Celermajer ends up by saying:
“This could lead to massive market fear and capitulation for Bitcoin Cash and Bitcoin SV, potentially leading to their short term and long term demise.”
- Bitcoin Cash Underwent Its Halving At Block Height 630,00, But Could Only Add Up To Its Current List Of Burdens
- Bitcoin Cash Halving Will Occur On Wednesday At Block 630,000, Will BCH Offer Us A Peek Into What The Future Holds?
- Bitcoin Cash Underwent Its Mining Rewards Halving Yesterday, Hash Rate Plummeted