Bitcoin SV possibly runs the risk of an attack after its hashrate nears 51%

Craig Wright’s pet project recently pumped, resulting in the price of the coin skyrocketing and entering the top 10 cryptocurrencies list. Over the recent correction wave, BSV stood far apart from the crowd as it was the only coin to register some growth and keep the bears at bay. However, there is allegedly something so suspicious going on in the BSV ecosystem, that the community may just call upon Scooby-Doo, Shaggy and the rest of the gang.

According to a Reddit post, BSV’s hash rate crossed 51% and a group of mining pools had control of 52.78% of BSV blocks.

Source: Reddit

Source: Reddit

However, at press time, the other mining pools hold over the BSV mining pool had slipped and controlled 50% of the pool, which is a large number and too close to being attacked. A 51% control could mean that these entities would have the power to double spend BSV, halt transactions and launch a 51% attack.

Source: Coin Dance

Source: Coin Dance

A similar thing took place a few weeks back with Bitcoin Cash [BCH]. However, in its case, a single entity, BTC.top controlled nearly 54% of the hashrate. BTC.top, a China-based private entity on multiple occasions, has crossed 50% of the BCH hash rate.

According to data collated by Coin Dance, over the past seven days ‘Other mining pools’ covered 38% of the BSV hashrate, which was still higher than others. Even after crossing 51%, the coin seemed unaffected.

At press time, BSV was valued at $228.20 with a market cap of $4.07 billion. The 24-hour trading volume of the coin was reported to be $937.86 million, as it spiked by 3.20% over the day. Over the past seven days, the coin pumped by a massive 73.13%, and continued its upwards journey by 0.35% within the hour.

The post Bitcoin SV possibly runs the risk of an attack after its hashrate nears 51% appeared first on AMBCrypto.

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