Miners on the Bitcoin Satoshi’s vision (BSV) blockchain have reportedly not been able to make a profit since the cryptocurrency was created, as the coin’s low price might’ve not been enough to help them pay for energy.
According to a tweet published by BitMEX research, miners on the BSV chain experienced a negative gross margin of 12% since the cryptocurrency was created through a hard fork on the Bitcoin Cash (BCH) network in November of last year.
Based on our estimates and current coin prices, since the November 2018 split, Bitcoin Cash SV miners have accumulated gross losses of US$2.2m (a negative gross profit margin of 12%). This is accounting for mining electricity costs onlyhttps://t.co/U9hbK4peip pic.twitter.com/LE5elvKDge— BitMEX Research (@BitMEXResearch) April 12, 2019
BitMEX Research shows that since the split, the BCH (BCHABC) miners have mined 265,388 coins, while those on the BSV side have mined 263,550 BSV coins. While BCH tokens are currently trading at $280, BSV tokens are trading at $70 – a significant difference.
Doing the math showed BCH miners have made $74.3 million worth of cryptocurrency since the hard fork, while BSV miners have made $18.4 million in the same time period. The cryptocurrency exchange’s research division took into account lower bound mining electricity costs, of 31.9 million for BCH miners, and of 20.7 million for BSV miners.
It found that miners on BSV chain lost $2.2 million, while those who preferred to mine Bitcoin Cash made $2.4 million in the same period. BSV is notably supported by self-proclaimed Satoshi Nakamoto Craig Wright, who’s recently threatened legal action against some crypto Twitter users who claimed he was a “fraud.”
Craig Wright is not Satoshi.— CZ Binance (@cz_binance) April 12, 2019
Anymore of this sh!t, we delist! https://t.co/hrnt3fDACq
This saw the CEO of major cryptocurrency exchange Binance, Changpeng Zhao, warn that if he doesn’t change his conduct the BSV token will be delisted from the exchange. Such a move could significantly affect the cryptocurrency’s price.
It’s also worth pointing out that Poloniex, a cryptocurrency exchange acquired by Circle last year, has recently added Bitcoin Cash and Bitcoin SV margin trading pairs for non-US customers to its platform.