As reported by the analytical division of the Binance cryptocurrency exchange, the motives of Bitcoin SV miners are not economic – it would be much more profitable to mine other cryptocurrencies.
In their research, Binance Research employees analyzed the profitability of mining BTC, BCH and BSV. According to their calculations, Bitcoin SV miners could earn much more if they switched to mining other cryptocurrencies, so it is obvious that profit is not their goal.
“In General, The bitcoin SV miner reward model assumes that most of the network’s hashrate is driven by people who don’t expect to make a profit,” the study notes.
If BSV miners switched to BTC between November 2018 and December 2019, their additional profits would total between $12 million and $13 million. The total profit from mining this coin was $75 million, which means that the miners lost about 16-17% of the profit.
“In the first half of 2019, BSV miners almost always made less profit than other coin miners. As for losses from missed opportunities, they most likely have their own vested interests. For example, they store a large amount of BSV, and they need to protect the network, even if there is a loss of profit, ” analysts say.
In the middle of this year, a study by a user of the social network Twitter under the pseudonym Painted Frog showed that almost all transactions in the Bitcoin SV blockchain are created by a weather service WeatherSV.com.