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Binance is the main Bitcoin SV miner

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Within a few weeks of the launch of the Binance Pool, they are already the largest mining group working on the Bitcoin SV (BSV) network. This causes confusion, because until recently, they were one of the main critics of this BTC fork, how do you explain this?

Bitcoin Association President talks about the situation with BSV

Jimmy Nguyen, chairman of the entity behind Bitcoin Satoshi Vision, stated in an interview for crypto news portal CoinDesk, that it was a “bit too ironic” that Binance is now the largest validator on the BSV network, then to exclude it from the exchange list.

The data speaks for itself, and for Nguyen, these actions are stronger than words.

In April 2019, Binance removed Bitcoin SV from the list of cryptocurrencies available for exchange within the exchange, with arguments explaining that it did not meet certain standards.

For the president of the Bitcoin Association, the project meets the standards, when Binance so chooses.

The data that Binance Pool makes up the bulk of BSV’s network computation emerged earlier this week.

The 7-day moving average still indicates that this mining group represents less than 20% of the total.

BSV mining groups, on average 7 days. Source: Coin dance
BSV mining groups, on average 7 days. Source: Coin dance

The reason behind Bitcoin SV’s exclusion

It was not just Binance who excluded the cryptocurrency from its listing, Kraken and ShapeShift also did so simultaneously, just over a year ago, in protest against the behavior of Craig Wright, one of the main proponents of Bitcoin SV.

On repeated occasions, this character has been the cause of strong controversies in the crypto ecosystem, for his self-proclamation as Satoshi Nakamoto, without strong evidence, some denied.

Wright recently threatened to sue those people who called him fraud. Despite this, it seems that they did not take it very seriously again.

Chanpeng Zhao, CEO of Binance, was one of the first to go to Twitter, just to do what Craig does not want, saying:

“Anyone who supports BSV, from a technological perspective, should attack the fraudulent Craig Wright, who is poisoning their community.”

Will the debate continue between both sides?

For CoinGeek creator Calvin Ayre, a billionaire sponsor of Bitcoin SV, indicated that Binance’s move to become the fork’s biggest miner is an attempt to put pressure on the price, and even protect the Binance Coin token.

The points of view confront each other, with extremes that are quite distant, and with none willing to mediate, since it is quite clear that they do not have much in common, other than the defense of a currency with good technological developments.

Despite the bad news hovering around Bitcoin’s 2nd largest fork, it has earned its place in the top 10, and continues to defend it after nearly a year and a half of life. His long-term future is unclear, but he still has room to move forward.

And what do you think is behind this situation? Let us know your opinion in the comments!



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