Bitcoin Association Annual Report 2021 – 2022 – The BSV ecosystem and Mining

By Ryan Brothwell Published: September 9, 2022

Bitcoin Association has published its 2021 – 2022 annual report video, detailing the phenomenal growth made by the organisation in the last year and its goals for the future.

The video report, introduced by Bitcoin Association’s Managing Director Patrick Prinz, is broken into individual sections and covers the multi-faceted global programme of work undertaken by the Association over the last 12 months.

Chapter 5 of the report focuses on the impressive progress made by the BSV ecosystem and its miners over the last year. It also helped support several key milestones and helped launch several innovative projects within the ecosystem.


Bitcoin SV ecosystem milestones

Some of the major milestones achieved over the last year include:


Bitcoin SV mining update

The below graphics show the continued success of BSV’s mining operations over the last year, including the number of blocks mined and fee percentage compared to another major protocol.

While BTC mining is still mostly funded by the block reward subsidy, BSV is evolving into a much more sustainable model: huge volumes of cheap transactions generating an increasing percentage of the total fee reward.

BSV is evolving into a much more sustainable model

BSV is evolving into a much more sustainable model

Notably, an independent report published in November 2021 found that the BSV (Bitcoin SV) blockchain is far more energy-efficient than the other two blockchain protocols included in the comparison – BTC (Bitcoin Core) and BCH (Bitcoin Cash).

Energy efficiency is a hot topic within the blockchain industry, with criticism being levelled at technologies such as BTC, which consumes an inordinate amount of electrical energy through its proof-of-work mining operations. This high energy consumption per transaction processed is not intrinsic to all proof-of-work blockchains, however, only those with artificial limitations imposed upon the size of their blocks that throttle transaction throughput.

You can find out more about the progress being made and other developments by watching the full annual report video here.