Cryptocurrency mining pool Binance announced today, July 20, that it will stop mining the Bitcoin SV (BSV) coin. This altcoin is powered by the controversial Craig S. Wright, who claims to be Satoshi Nakamoto, the creator of Bitcoin (BTC).
The mining pool team informed all users who mine BSV, that they must manually change the mining method to bitcoin (BTC) or to Binance Smart Pool. The latter is a service that allows Binance Pool users to receive higher benefits by automatically switching between currencies with the same algorithm.
In that sense, they explained what are the steps users must follow to make the change. In principle, they must enter the section “Mining account administration”, there they must choose “Mining account”, then “More settings” and finally “Payment settings”.
“Binance Smart Pool users will only be able to change their hash rate to BTC or BCH mining after BSV mining has ceased,” Binance warned in a statement. The BSV mining stoppage by Binance Pool will take effect on July 30.
Binance Pool was BSV’s largest block miner
Binance’s decision comes a month after Binance Pool was listed as BSV’s largest block miner, until last June.
Binance Pool had managed to mine 26.39% of all BSV blocks, while Huobi was in second place, with 13.19%, according to the cryptocurrency services and statistics platform Coin Dance.
Binance Pool and Huobi combined mined 39.58% of BSV’s blocks in June. Source: Coin Dance
Currently, according to Coin Dance data, the TAAL mining pool is the one with the highest percentage of mined blocks with 79.86%. Binance Pool does not appear in the statistics and Huobi, which was previously in second place, now only mines 0.69% of the BSV blocks.
Binance does not get along with BSV
This would not be the first time that the company that runs the popular exchange, put aside BSV. In 2019, Binance removed Bitcoin SV from its list of cryptocurrencies for exchange, as reported by CryptoNews.
Between the factors that influenced the withdrawal of the crypto asset from its market, mentioned the quality and level of commitment in the development, public communication of the project and its lack of ability to respond to periodic requests from Binance.
More recently, earlier this year, this outlet reported that the OKCoin exchange also left out BSV and Bitcoin Cash (BCH).
This last exchange house assured that it expelled both cryptocurrencies from its platform, due to the attacks that actors linked to these projects direct against Bitcoin, as a protocol and cryptocurrency.
Little success of BSV and BCH against Bitcoin
As mentioned at the beginning, Craig S. Wright (CSW) is the main promoter of the campaign in the Bitcoin SV community (short for ‘Satoshi’s Vision’ or ‘Satoshi’s Vision’) and furthermore, he claims to be the real Satoshi Nakamoto .
The BSV cryptocurrency was born from a hard fork of Bitcoin Cash, resulting in Bitcoin Cash ABC and Bitcoin Cash SV. None of these crypto assets achieved their mission of replacing Bitcoin (BTC).
Neither the adoption was comparable to that of the original coin, nor the hash rate, nor the price that the market of suppliers and demanders considers that these coins should have.
BSV is currently priced at 0.0038 BTC, considerably lower than its all-time high of 0.045 BTC per unit reached in early 2020. Source: TradingView.