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Binance Pool will stop mining Bitcoin SV cryptocurrency

The cryptocurrency mining pool Binance announced today, July 20, that it will stop mining the Bitcoin SV (BSV) coin. This altcoin is powered by the controversial Craig S. Wright, who claims to be Satoshi Nakamoto, the creator of Bitcoin (BTC).

The mining pool team informed all BSV mining users, that must manually change the mining method to bitcoin (BTC) or to Binance Smart Pool. The latter is a service that allows Binance Pool users to receive greater benefits by automatically switching between currencies with the same algorithm.

In that sense, they explained what the steps are that users must follow to make the change . In principle, they must enter the section “Mining account management”, there they must choose “Mining account”, then “More settings” and finally “Payment settings”.

“Binance users Smart Pool will only be able to change their hash rate to BTC or BCH mining after BSV mining has ceased, ”Binance warned in a statement. The BSV mining stoppage by Binance Pool will be effective on July 30.

Binance Pool was the largest BSV block miner

The Binance’s decision comes a month after Binance Pool was listed as BSV’s largest block miner, until last June.

Binance Pool had reached to mine 26.39% of all BSV blocks , while Huobi was in second place, with the 13.19%, according to the cryptocurrency statistics and services platform Coin Dance.

Binance Pool will stop mining Bitcoin SV cryptocurrency Binance Pool will stop mining Bitcoin SV cryptocurrency
Binance Pool and Huobi combined mined 39.58% of BSV’s blocks in June. Source: Coin Dance

Currently, according to Coin Dance data, the TAAL mining pool is the one with the highest percentage of blocks mined with 79.86 %. Binance Pool does not appear in the statistics and Huobi, which was previously in second place, now only mines 0.69% of the BSV blocks.

Binance did not know gets along with BSV

This would not be the first time that the company which runs the popular exchange, bypasses BSV . In 2019, Binance removed Bitcoin SV from its list of cryptocurrencies for exchange, as reported by CriptoNoticias.

Among the factors that influenced to withdraw the cryptoactive from its market, they mentioned the quality and the level of commitment in the development, the public communication of the project and its lack of capacity to respond to periodic requests from Binance.

More recently, at the beginning of this year, this medium reported that it also the OKCoin exchange left out BSV and Bitcoin Cash (BCH).

This last exchange house assured that it expelled both cryptocurrencies from its platform, due to the attacks that actors linked to these projects are directed against Bitcoin, as a protocol and cryptocurrency .

Little success of BSV and BCH against Bitcoin

As mentioned at the beginning, Craig S. Wright ( CSW) is the main promoter of the campaign in the Bitcoin SV community (short for ‘Satoshi’s Vision’ or ‘Satoshi’s Vision’) and furthermore claims to be the real Satoshi Nakamoto.

The BSV cryptocurrency was born from a hard fork of Bitcoin Cash, deriving from Bitcoin Cash ABC and Bitcoin Cash SV. None of these crypto assets achieved their mission of replacing Bitcoin (BTC).

Neither the adoption was comparable to that of the original currency, nor the hash rate, nor the price that the market of offerors and plaintiffs consider that these coins should have.

BSV is currently priced at 0.0038 BTC, considerably less than its all-time high of 0.045 BTC per unit reached in early 2020. Source: TradingView.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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