Bitcoin News and Finance Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate Skip to main content

Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate

Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate

The cryptocurrency community has been discussing the Bitcoinsv network as a mining pool called Taal has well over 51% of the hashrate. Data from the analytical crypto website Coin Dance shows the mining pool Taal commands over 78% of the network’s hashrate during the last 24 hours. On Tuesday, the European cold storage provider, Gravity, says it has suspended bitcoinsv trading “due to several large exchanges disabling BSV deposits [and] withdrawals.”

Following Blockchain Reorganization Attack Last Week, Taal Captures Well Over 51% of the Bitcoinsv Network’s Hashrate

According to statistics, a mining operation called Taal currently commands well over 51% of the Bitcoinsv (BSV) network’s hashrate. On Wednesday, the mining pool Taal captures more than 78% of the BSV hashrate in terms of distribution among five known pools and 13% of unknown hashrate. Data from the web page sv.coin.dance/blocks indicates that during the trailing seven days, Taal commanded 69% of the network’s hashpower. Block details show that a great majority of BSV blocks have been found by Taal’s operation.

Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate
Data from the web portal sv.coin.dance/blocks on July 14, 2021.

Beside’s Taal’s hashpower, other mining pools mining the BSV chain include Viabtc, SBI Crypto, Btc.com, F2pool, and Svpool, at least for today. During the week, other known pools like Solomining, Hathor, and Matter pool have also found BSV blocks. Last week, the Switzerland-based global industry organization, the Bitcoin Association (for BSV), explained that the BSV network was being attacked by a malicious entity.

“A malicious actor has recently been carrying out block re-organisation attacks on the Bitcoin SV network,” the Bitcoinsv group noted on July 8. “[It] appears to be intentional acts in an effort to mask the illegal double-spending of coins. The Bitcoin SV Infrastructure Team have identified one of the addresses connected with the attack as being long associated with ransomware and other attacks on the BTC, BCH, and BSV chains – so the malicious actor is engaged in illegal activity which could involve also BTC and BCH, and not just the BSV network,” the BSV organization added.

Gravity Suspends Bitcoinsv Trading and 51% Attack Explanations

Following the attack, the Twitter account @dash_community tweeted that the Bitcoinsv chain should have had protections like Chainlocks, similar to what’s been implemented on the Dash network. “To prevent damaging block reorganizations like this one, BSV should implement Chainlocks, which Dash pioneered (but which other projects like [Firo] also use), which make reorganizations impossible. Evolve or die,” the account tweeted last week.

Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate
The Bitcoinsv (BSV) conversation has been a very topical discussion on Twitter.

After the reorganization issue, reports noted that the exchanges Huobi and Okex halted withdrawals and deposits for BSV. “Huobi Global [has] disabled BSV deposits and withdrawals; no advance warning was given. They are fighting BSV because they know it is the real Bitcoin,” one Bitcoinsv supporter wrote.

Then on July 13, the cold storage provider, Gravity, told its Twitter followers that it was disabling BSV trades.

“Urgent Notice,” Gravity tweeted. “Our liquidity providers have just informed us that, due to several large exchanges disabling BSV deposits [and] withdrawals, they are also suspending access to BSV liquidity until further notice. This means it will not be possible to trade BSV on Gravity at this time. We sincerely apologise for the short notice [and] will update you with more information when we have it. Trading of all other digital assets on Gravity remains unaffected.”

Meanwhile, the Coingeek streaming channel that focuses on Bitcoinsv (BSV) news coverage and the BSV ecosystem, also discussed the situation. Kurt Wuckert Jr. hosted the show and he responded to the criticisms that were being cast at the BSV chain. Wuckert Jr., also made similar statements the day prior on Twitter.

“51% attacks don’t really exist without the exchange-based bitcoin economy,” Wuckert Jr. tweeted. Huobi [and] Okex stopped withdrawals/deposits, but they will be back. Honest nodes reject malicious blocks, and then further attempts are waste. Things will be back to normal soon,” he added.

Commenting on the 51% attack discussion stemming from the Coingeek streaming channel video, the bitcoiner Theo Goodman wasn’t impressed by the host’s explanation of the events. When someone tweeted: “Watch this, Kurt explains what is happening at the start,” Goodman responded to the video content.

“He does explain it but then adds some opinion,” Goodman wrote. ‘There is no such thing as a 51% attack’ and from 9:14 he contradicts himself regarding trust. Then later he [basically] says not to worry unless you are in infrastructure they will figure it out.”

What do you think about the discussions revolving around the Bitcoinsv network? Let us know what you think about this subject in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory