Crypto mining pool Sigmapool has launched BSV mining for the first time. Sigmapool rolled out its joint mining service successfully on October 28, taking place at block 606334. In a post on their website welcoming the launch of BSV mining, Sigmapool said the decision to mine BSV was spurred by the “growing interest in BSV among investors,” with more crypto investors worldwide preferring BSV for its superior technology and utility.
The post reflects the growth in BSV to ninth largest cryptocurrency by market cap, with the cryptocurrency continuing to challenge the dominance of more established cryptocurrencies like BTC.
The mining pool has proved to be a popular option among large scale crypto investors, including notable businessman Emin Agalarov, who first declared an interest in working with the mining pool back in May. In August, the Sigmapool team attended the Baikal Blockchain and Crypto Summit in Irkutsk, Russia, where they learned more about BSV. The Baikal event was organized by Alexander Shulgin, founder and CEO of Gruppa Kompaniy Familia, and sponsored by the Bitcoin Association and CoinGeek.
According to Sigmapool, the decision to mine for BSV reflects the profitability of mining for the cryptocurrency, which it suggests is already equivalent or greater than the profitability of mining BTC. This is particularly true as BTC continues to become more expensive to mine, send and spend, with mining rewards for BTC set to half again in 2020.
With the volume of transactions on BSV already beginning to rival the numbers seen on BTC, Sigmapool said the decision to launch was a natural move, aimed at getting the best value for mining pool investors.
Sigmapool said the decision to mine for BSV was driven by the “excellent dynamics” in recent months, following a surge in BSV prices this year, coupled with the low fees and fast transaction speeds offered by the BSV blockchain.
Over the past month, Bitcoin SV has shown excellent dynamics, having risen in price by 68%. The cryptocurrency shows an upward trend both during the rise in the price of Bitcoin, and at other times, given the fact that around Bitcoin SV a field of positive news has recently been formed…Indeed, in addition to the high speed of transactions with this digital asset, the level of fees in the Bitcoin SV network is currently 800 times lower than in the Bitcoin blockchain.
The Russian mining pool already accounts for as much as 4% of the total mining capacity for the cryptocurrency.
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