• 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.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD consolidation lags triangle breakout

Bitcoin remained under pressure during the entire weekend. The attempts made to stay above $7,200 support failed, leaving to the path of least resist ace to be below $7,000. Bitcoin’s immediate upside is limited by the 50 SMA on the 2H chart.

More Bitcoin News

Ethereum Price Update: ETH/USD defends $140 support yet again

Ethereum is largely unchanged compared to the levels towards the end of last week. The pressure oozing from the bears continued across the weekend session. Besides action beyond $145 remained limited.

More Ethereum News

Ripple Price Analysis: XRP/USD spirals in freshly reignited downward momentum

Ripple has ignited the bearish momentum breaking the weekend-long support at $0.2160. The losses come after an attempt to break out from the descending channel resistance failed.

More Ripple News

Cardano’s IOHK celebrates 120 staking pulls less than 24 hours after testnet launch

The research firm in charge of developing Cardano, a major cryptocurrency, IOHK was delighted to announce the fantastic performance of the newly launched testnet.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP