The Smallest of the Biggest Bitcoins, Bitcoin SV, Rallies Ahead of Halving
In preparation for its first mining reward halving in less than two days, the smallest of the three biggest bitcoins, bitcoin SV (BSV), has outperformed all the top 10 cryptos today and in the past week.
Currently (13:56 UTC), the sixth coin by market capitalization trades at USD 208. It appreciated almost 8% in a day and almost 28% in a week. The price is also up by 6% in a month and 162% in a year. BSV's 24-hour trading volume stands at USD 2.7 billion and is the 6th largest today among the top 10 coins.
BSV price chart:
BSV, a fork of Bitcoin Cash (BCH), which in turn is a fork of Bitcoin (BTC), will experience its first halving on April 10. As is the case with BTC and BCH, at block 630,000, the total number of Bitcoin SV mined by miners per block will go down from BSV 12.5 to BSV 6.25 (USD 1,300), meaning lower rewards for the miners.
Though dropping from mid-January highs, BSV hashrate, or the computing power of the network, remains pretty unchanged since late March, and is lower compared to BCH's hashrate, and minuscule compared to BTC's hashrate.
As previously discussed, crypto market analysis firm Coin Metrics stated that BSV and BCH halvings will increase miner-led selling pressure for BTC. As these precede BTC's own halving, many miners will direct more hash power to Bitcoin in order to compensate lost revenues. This raised some concerns in BCH's case, but certain analysts found that this might re-balance as BTC heads into its halving.
For other than ideological motives, why would miners mine #BSV and #BCH while they had their halvening and BTC didn't for the next 33 days? Does it arrive at an equilibrium where the miners who leave for BTC give the miners who stay on BSV more possibility of finding new blocks?— J_Climacus (@Jo_Climacus) April 7, 2020
Unknown miner holding up the #BSV ship (when profitable - compared to mining BTC). Will unknown miners still be around after BSV halving? Will communist BSV miners (mining for Vision) be able to turn a profit on their weather/twetch datachain? pic.twitter.com/icv3Dm5tXX— p00rM3m0rY (@CourierBonded) April 7, 2020