Miners HODL Bitcoin SV for fear of price collapse
|- Over 50% of mining rewards are kept in miners' wallets.
- BSV/USD is moving in sync with the market, down 3% on a day-to-day basis.
Almost half of the rewards received for Bitcoin SV blocks discovery, stay untouched in the cryptocurrency wallets of miners.
Alistair Milne, the British entrepreneur and investor, noted:
"Around 50% of all $BSV mined has never been moved. Hoarded by miners who can't sell as it would collapse the price due to lack of any organic demand. How long can they sustain this for?"
This is confirmed by the analytical data provided by Byte Tree. Miners disposed of large amounts of coins in February and June. After that, they decided to postpone the sales. Most likely, the low liquidity of BSV forces the miners to HODL a coin in the hope that the price will grow in the future.
The coin was created in November 2018 as a result of the Bitcoin Cash hard fork in; since that time its hash rate was almost a hundred times lower than the bitcoin' hash rate. Now it stands at 1.188 EH/s.
Earlier, Heisenberg Capital founder Max Kaiser predicted that Bitcoin SV price would collapse by 90%, and Bitcoin.com CEO Stefan Rust called the coin a scam.
At the time of writing, BSV/USD is changing hands at $114.17. The coin experienced a sharp sell-off on Monday and lost 8% on a day-to-day basis. Bitcoin SV takes 9th place with the current market value of $2.0 billion.
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