Bitcoin SV [BSV] is one of the few cryptocurrencies that will be happy to turn the page from April to May, after what has been a disastrous month for the coin. Following its price debacle, Satoshi’s Vision has now seen its hashrate fall to an all-time low.
According to a chart by the cryptocurrency analytics company, Longhash, Bitcoin SV hashrate has decreased by a whopping 86 percent in the past five months. When the coin emerged after the hardfork with Bitcoin Cash [CBH], it posted a hashrate of 4.374 Exabyte, during the hashwar that ensued.
Owing to the larger crypto winter and several isolated drawbacks for the coin, BSV has seen its price, market cap, and hashrate drop significantly. During the close of November, just before the winter hitting its peak, the hashrate dropped to 833.73 Petabyte and fluctuated over 1E for the next few months.
The all-time-low hashrate for the coin was recorded on the 26 of April, when it dropped to 472.54P, which was a drop of over 50 percent from its early April figure of 976.59P.
However, it should be noted that since dropping to the aforementioned low, the hashrate has since picked up in the past few days. On April 30, the coin recorded a hashrate of 604.2P, an increase of 27.8 percent from April 26.
Coingeek, the media arm of the Satoshi Vision project, which also runs a mining pool, interestingly, has been vying for 51 percent hold on the coin’s hashrate, which is causing concern within the BSV community. According to Coindance.io, in the past six months, Coingeek’s has surged over the 51 percent mark twice, the first during its emergence in November 2018 and the next in early March 2019.
Furthermore, nChain the company behind the BSV project also operates BMG Pool, the mining pool that holds around 30 percent of the coin’s hashrate which would mean that internal control, via CoinGeek and nChain , accounts for over 70 percent of the coin’s hahsrate.
Bitcoin’s ascendance over $5,000 earlier in the month, set off bullish swings for several altcoins, less so for Bitcoin SV. Since the beginning of the month, the coin’s price has dropped over 39.7 percent, while the market added over $40 billion market cap.
The primary factor for BSV’s April agony was the coin’s ousting from a number of major exchanges, most notably Binance. Shapeshift, Kraken and Bitforex were other exchanges that let the coin go, following the BSV camp’s spearheads’ sending legal notices and “bullying,” those who opposed BSV’s main man, Craig Wright’s assertions of being the creator of Bitcoin Satoshi Nakamoto.
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