Bitcoin SV (BSV) transaction activity continues to increase, often greater than what is seen with Bitcoin Core (BTC). As BSV gains strength and proves that it is the original Bitcoin, it has attracted new mining pools – even some that many would have never expected to participate. One of these is the BTC.com mining pool and BSV proponents are welcoming the switch with open arms.
The former CEO of nChain and current president of the Bitcoin Association Jimmy Nguyen tweeted about the mining activity yesterday, stating, “Welcome http://BTC.com pool (@btccom_official) to #BitcoinSV #BSV.” He included data from WhatsOnChain.com that shows that BSV block 589437 had been mined just after SVpool had mined a block. BTC.com then mined another block, 589445, a short time later.
BTC.com is owned by Bitmain, which has had a contentious relationship with the blockchain space, in general, but in particular with BSV. The company’s former CEO, Jihan Wu, has routinely called out members of the BSV community and disparaged the project, but Bitmain removed him from the helm and things seem to have gotten a lot better at the company since his departure.
The increase in mining pools joining the BSV community comes as BSV continues to gather strength. According to data from the coin.dance website, BSV is improving in several areas against BTC. For example, a BTC transaction is 2,161.96 times more expensive than a BSV transaction and mining BSV blocks is almost as profitable as mining a BTC block – the difference is only about 1.8%.
Block sizes on the BTC blockchain have stayed consistent for the past eight months at roughly 1MB. However, BSV blocks have continued to increase in size, which is part of the network’s overall design. Bitcoin first stated, in its white paper, that large block sizes were going to be necessary in order to facilitate large-scale transactions and Satoshi showed how large block sizes were feasible. BSV has already proven that assertion to be true and is well on its way to seeing blocks of more than 1GB before converting itself to a blockchain with no size limitations.
Looking at the daily average transactions per block on BTC and BSV reveals another interesting fact. The number has increased steadily on BSV for the past several months, while the BTC number has remained almost completely flat.
The numbers are impressive, given that BSV, while having its roots as the only true Bitcoin per its white paper, has only been available since last November. It has been able to garner the support it has because the community continues to show that it is unified in its development of the blockchain and is completely working toward a singular goal, as opposed to allowing different projects pulling the blockchain in different directions.
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