Binance Pool will stop mining Bitcoin SV cryptocurrency

Cryptocurrency mining pool Binance announced today, July 20, that it is going to stop Bitcoin SV (BSV) coin mining operations. This altcoin is driven by 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 the Binance Smart Pool. The latter is a service that allows Binance Pool users to receive higher profits by automatically switching between currencies with the same algorithm.

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

“Binance Smart Pool users 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 shutdown of BSV mining by Binance Pool will take effect on July 30.

Binance Pool was BSV’s biggest block miner

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

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

Binance Pool and Huobi combined mined 39.58% of BSV blocks in June.  Source: Coin Dance

Currently, according to Coin Dance data, the TAAL mining pool has the highest percentage of mined blocks 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 BSV blocks.

Binance doesn’t get along with BSV

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

Among the factors that influenced the withdrawal of the crypto asset from its market, they mentioned the quality and 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, earlier this year, the media reported that the OKCoin exchange also shut out BSV and Bitcoin Cash (BCH).

This last exchange assured that it expelled both cryptocurrencies from its platform, due to the attacks that actors linked to these projects direct against Bitcoin, such as 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 (acronym for ‘Satoshi’s Vision’ or ‘Satoshi’s Vision’) community and additionally claims to be the real Satoshi Nakamoto.

The BSV cryptocurrency is born from a hard fork of Bitcoin Cash, resulting in Bitcoin Cash ABC and Bitcoin Cash SV. None of these cryptoassets succeeded in 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 bidders and claimants considers that these currencies should have.

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

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