A single Bitcoin Satoshi Vision (BSV) miner has captured 80% of the network’s hash rate. The Bitcoin Association has requested that nodes and exchanges block this altcoin miner. BSV creator Craig Wright will receive the outcome of his lawsuit against Hodlonaut on November 9, 2022.
BSV miner mined empty blocks
This takeover gives the miner full control of the network created by Craig Wright, an Australian computer scientist. Before the miner went online, the hash rate on the BSV network was relatively stable except for a spike around June 2022. The hash rate measures the computing power spent solving a cryptographic puzzle known as a hash to create a new block on a blockchain. When the puzzle is solved, other nodes in the BSV network try to validate the solution. According to on-chain data, the miner has accumulated more than 9,000 BSV since September 9, 2022.
The Switzerland-based Bitcoin Association has asked miners and exchanges to block the miner after it was determined that they mined empty transaction blocks only to earn block subsidies with no transaction fees. Empty blocks do not contain any transaction information other than Coinbase transaction information. It is also often criticized for leaving more lucrative trades in the mempool. A Mempool is a collection of transactions that have been sent to the Blockchain but have not yet been executed.
How did it affect the altcoin price?
Craig Wright created Bitcoin Satoshi’s Vision as a hard fork of Bitcoin Cash, a hard fork of the original Bitcoin code. A hard fork occurs when a blockchain community and developers create a new Blockchain whose transaction blocks follow different consensus rules from the original. Nodes on the original Blockchain can no longer verify transactions on the new Blockchain.
Wright is struggling to gain supporters from the Bitcoin and Bitcoin Cash community. As such, he has long made his claim to be the creator of Bitcoin. BSV slumped towards $48 on the day. However, it later recovered. The altcoin is currently trading at $48.96. Its market cap is under $950,000,000. Wright aims to be a deflationary currency, like Bitcoin, with just 21 million coins.
Craig Wright and the Hodlonaut case
cryptocoin.com As you follow, Craig Wright is awaiting the outcome of his court battle with Magnus Granath (aka Hodlonaut) in 2019 over tweets Granath made in 2019 that Wright claimed was a fraud. Following Granath’s tweets, Hodlonaut requested that Wright’s lawyers remove the tweets. He also asked Hodlonaut to apologize.
Hodlonaut later filed a lawsuit in Oslo, Norway, claiming that his tweets were protected by freedom of expression laws in Norway. The seven-day trial began on September 12, 2022 and ended on September 21, 2022. The judge set a tentative date for November 8, 2022, to make his decision.
Wright had previously filed a defamation lawsuit against Hodlonaut in the UK. It had led a judge to order Hodlonaut to pay Wright £112,000 in adverse costs. He also sued Peter McCormack, host of the podcast ‘What Bitcoin Did’. He received £1 compensation for deliberately giving false evidence to the court.
