In 2019, it came as a surprise to many when the online community noticed that Bitmain’s mining pool, BTC.com, was mining Bitcoin SV (BSV). At the time, BTC.com released a statement and blog post explaining the reason behind Bitmain included BSV in their mining pool is their customer-first principle.
Now comes the announcement that the Bitmain-affiliated ViaBTC pool held the highest share of BSV mining support and launched one-click switching, which allows members to switch hashrate between mining BTC / BCH / BSV seamlessly.
The reason for the switch was made clear by the ViaBTC’s official website. ViaBTC’s return per T is about 2.08 yuan/day mining BSV, the highest figure being 106% higher than the rate of return on BTC and about 59.2% higher than that of BCH. More and more cryptocurrency users are beginning to use BSV. ViaBTC must recognize the increasing number of BSV transactions is a robust, sustainable source of revenue.
Until February 15, ViaBTC’s members will be able to enjoy additional perks as part of their BSV Spring Festival Celebration. One of the “events” allows BSV miners to enjoy a zero-fee discount for one month. This is applicable to BSV mining in PPS of the main account and all sub-accounts.
ViaBTC users can get 10 BSV based on their “growing hashrate” rankings. The rankings of the top 100 miners are calculated according to the difference between the average daily hashrate during the event and the daily average hashrate of the previous month.
ViaBTC said, “According to the ratio of the hashrate growth value to the total value of TOP100 users, 10 BSV can be shared. User A among TOP 100 can get BSV=User A hashrate growth value/Total value in rankings*10 BSV. “
The new Variable Mining Rate (VMR) development could translate to a surge in BSV enterprise users, causing transactions on the BSV network to undergo an even steeper rise. VMR is a specialized business model that aims to cut the costs of BSV transactions. This innovation allows miners to negotiate their mining rates and form partnerships, as enterprise adoption slowly becomes a reality. ViaBTC will be able to benefit from both the increased awareness of BSV or establishing their own commercial agreements with enterprise partners.
With that said, this could mean that Bitmain could begin mining BSV much more. We could potentially see an increase in the mined BSV on Bitmain’s Antpool and BTC.com as they to come to realize the long term benefits of mining the only public blockchain capable of scaling to support enterprise customers.
With all the news surrounding BSV, there is no doubt that it is set to have a big year. With the new Variable Mining Rate development, Bitcoin SV is beginning to look like exactly what Satoshi Nakamoto envisioned for all of us.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.