BSV Year 1: Mining Activity & Performance

By admin Published: November 18, 2019
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November 15 marks one year since Bitcoin SV (BSV) emerged, representing the original Bitcoin protocol. In its first year alone, BSV is already solving the biggest problem facing Bitcoin to date—scaling—and, in the process, is paving the way for real business projects to be built on BSV.

Mining profitability

Currently, mining BSV continues to improve in profitability, as the Bitcoin SV Node team works to restore the protocol outlined in the original Bitcoin whitepaper. The increase in block size on BSV bodes well for miners as the ecosystem shifts towards transaction fees as the primary driver of revenue.
june to october chart of bsv to btc profitability

While other Bitcoin projects have continued to hold onto their tiny block sizes, such as BTC, whose block size stands at just 1MB, BSV has continued to increase its block size. Currently, the block size hard cap stands at 2GB, two thousand times higher than BTC. By February, BSV will remove the block size hard cap entirely, allowing the miners to determine their own block sizes depending on market conditions.

The large block sizes enable more transactions per block. These transactions generate fees for the miners, and thus, BSV miners get to replace the reducing block rewards with the increasing transaction fees. BSV can handle up to 20 million transactions per day and is progressing to be able to handle thousands of transactions per second.

Mining Pool diversity

Despite being the youngest Bitcoin project, Bitcoin SV has managed to keep on diversifying its mining pools, with more mining pools recognizing the better opportunities it offers. As it stands, there are more than 20 mining pools on the BSV network. They include ViaBTC, F2Pool, BMG, Mempool, OKEx, ProHashing, Sigmapool, Mining-Dutch, FirePool, Zergpool, UKR Pool, and Poolin.

latest bitcoin sv blocks by mining pool

These pools have recognized that BSV is the only blockchain project that is built with the miners in mind. For 1 THash/s, BSV offers more profitability than any other Bitcoin project, including BTC and BCH.

This is just the beginning. As BSV returns to Genesis, developers will yield power to the miners—the true stewards of the Bitcoin protocol, building the infrastructure and providing the network as a service open to all users.

Want to learn more about what’s happened in the BSV ecosystem in the past year?