Bitcoin SV mining is irrational as it is not economically justified, according to a Binance study.
An analysis of the profitability of mining bitcoin, bitcoin cash and bitcoin SV over the past 13 months showed that BSV miners earned much less than their colleagues. As a result, the research team came to the conclusion that the supporters of last year’s fork until August were guided primarily by political and other factors, not economic.
By data Binance Research, from November 2018 to December 2019, BSV miners could have earned $ 13 million more in total if they mined bitcoin. Analysts believe that for the first six months the community apparently worked with with minimal profitability or at a loss in order to take possession of as many bitcoin SV coins as possible, and currently their corporate interests are encouraging to maintain the BSV network to preserve their capital.
The chart shows the difference (%) in the profitability of mining BSV and BTC from November 15, 2018 to December 15, 2019
The exchange also studied the profitability of bitcoin cash mining. The team estimates that BCH miners lost $ 7.7 million due to the misallocation of their computing power. However, in this case, they lost only 4% of their income..
As a reminder, Bitmain launched the global WDMM platform in October. to optimize mining.
text: Ivan Malichenko, photo: zenfs, diagram: Binance Research
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