{"id":9617,"date":"2021-07-14T20:54:04","date_gmt":"2021-07-14T20:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/exchange-providers-halt-bsv-services-as-mining-pool-captures-78-of-bsv-network-hashrate\/"},"modified":"2021-07-14T20:54:04","modified_gmt":"2021-07-14T20:54:04","slug":"exchange-providers-halt-bsv-services-as-mining-pool-captures-78-of-bsv-network-hashrate","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/exchange-providers-halt-bsv-services-as-mining-pool-captures-78-of-bsv-network-hashrate\/","title":{"rendered":"Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate"},"content":{"rendered":"

The cryptocurrency community has been discussing the Bitcoinsv network as a mining pool called Taal has well over 51% of the hashrate. Data from the analytical crypto website Coin Dance shows the mining pool Taal commands over 78% of the network\u2019s hashrate during the last 24 hours. On Tuesday, the European cold storage provider, Gravity, says it has suspended bitcoinsv trading \u201cdue to several large exchanges disabling BSV<\/a> deposits [and] withdrawals.\u201d<\/strong><\/p>\n

Following Blockchain Reorganization Attack Last Week, Taal Captures Well Over 51% of the Bitcoinsv Network\u2019s Hashrate<\/h2>\n

According to statistics, a mining operation called Taal currently commands well over 51% of the Bitcoinsv (BSV<\/a>) network\u2019s hashrate. On Wednesday, the mining pool Taal captures more than 78% of the BSV<\/a> hashrate in terms of distribution among five known pools and 13% of unknown hashrate. Data from the web page sv.coin.dance\/blocks<\/a> indicates that during the trailing seven days, Taal commanded 69% of the network\u2019s hashpower. Block details show that a great majority of BSV<\/a> blocks have been found by Taal\u2019s operation.<\/p>\n

Data from the web portal sv.coin.dance\/blocks on July 14, 2021.<\/p>\n

Besides Taal\u2019s hashpower, other mining pools mining the BSV<\/a> chain include Viabtc, SBI Crypto, Btc.com, F2pool, and Svpool, at least for today. During the week, other known pools like Solomining, Hathor, and Matter pool have also found BSV<\/a> blocks. Last week, the Switzerland-based global industry organization, the Bitcoin Association (for BSV<\/a>), explained<\/a> that the BSV<\/a> network was being attacked by a malicious entity.<\/p>\n

\u201cA malicious actor has recently been carrying out block re-organisation attacks on the Bitcoin SV network,\u201d the Bitcoinsv group noted<\/a> on July 8. \u201c[It] appears to be intentional acts in an effort to mask the illegal double-spending of coins. The Bitcoin SV Infrastructure Team have identified one of the addresses connected with the attack as being long associated with ransomware and other attacks on the BTC<\/a>, BCH<\/a>, and BSV<\/a> chains \u2013 so the malicious actor is engaged in illegal activity which could involve also BTC<\/a> and BCH<\/a>, and not just the BSV<\/a> network,\u201d the BSV<\/a> organization added.<\/p>\n

<\/p>\n

Gravity Suspends Bitcoinsv Trading and 51% Attack Explanations<\/h2>\n

Following the attack, the Twitter account @dash_community<\/a> tweeted that the Bitcoinsv chain should have had protections like Chainlocks, similar to what\u2019s been implemented on the Dash network. \u201cTo prevent damaging block reorganizations like this one, BSV<\/a> should implement Chainlocks, which Dash pioneered (but which other projects like [Firo] also use), which make reorganizations impossible. Evolve or die,\u201d the account tweeted<\/a> last week.<\/p>\n

The Bitcoinsv (BSV<\/a>) conversation has been a very topical discussion on Twitter.<\/p>\n

After the reorganization issue, reports noted<\/a> that the exchanges Huobi and Okex halted withdrawals and deposits for BSV<\/a>. \u201cHuobi Global [has] disabled BSV<\/a> deposits and withdrawals; no advance warning was given. They are fighting BSV<\/a> because they know it is the real Bitcoin,\u201d one Bitcoinsv supporter wrote<\/a>.<\/p>\n

Then on July 13, the cold storage provider, Gravity<\/a>, told its Twitter followers that it was disabling BSV<\/a> trades.<\/p>\n

\u201cUrgent Notice,\u201d Gravity tweeted<\/a>. \u201cOur liquidity providers have just informed us that, due to several large exchanges disabling BSV<\/a> deposits [and] withdrawals, they are also suspending access to BSV<\/a> liquidity until further notice. This means it will not be possible to trade BSV<\/a> on Gravity at this time. We sincerely apologise for the short notice [and] will update you with more information when we have it. Trading of all other digital assets on Gravity remains unaffected.\u201d<\/p>\n

51% attacks are a trap to see if someone is an idiot and doesnt understand what proof of work is for in Bitcoin. If they are a dumb peacock they can enjoy getting attention of the tiger (law enforcement)<\/p>\n

\u2014 BSV<\/a> KING (@bitcoinkaiser) July 14, 2021<\/a><\/p>\n<\/p>\n

Meanwhile, the Coingeek streaming channel that focuses on Bitcoinsv (BSV<\/a>) news coverage and the BSV<\/a> ecosystem, also discussed the situation. Kurt Wuckert Jr. hosted the show<\/a> and he responded to the criticisms that were being cast at the BSV<\/a> chain. Wuckert Jr., also made similar statements the day prior on Twitter.<\/p>\n

\u201c51% attacks don\u2019t really exist without the exchange-based bitcoin economy,\u201d Wuckert Jr. tweeted<\/a>. Huobi [and] Okex stopped withdrawals\/deposits, but they will be back. Honest nodes reject malicious blocks, and then further attempts are waste. Things will be back to normal soon,\u201d he added.<\/p>\n

Commenting on the 51% attack discussion stemming from the Coingeek streaming channel video, the bitcoiner Theo Goodman wasn\u2019t impressed by the host\u2019s explanation of the events. When someone tweeted<\/a>: \u201cWatch this, Kurt explains what is happening at the start,\u201d Goodman responded to the video content.<\/p>\n

\u201cHe does explain it but then adds some opinion,\u201d Goodman wrote<\/a>. \u2018There is no such thing as a 51% attack\u2019 and from 9:14 he contradicts himself regarding trust. Then later he [basically] says not to worry unless you are in infrastructure they will figure it out.\u201d<\/p>\n

What do you think about the discussions revolving around the Bitcoinsv network? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, 51%, 51% attack, bitcoinsv, Blockchain Reorganization, BSV, Calvin Ayre, Chainlocks, Coingeek streaming channel, dash, Gravity, Hashpower, Hashrate, Huobi, Kurt Wuckert Jr., Liquidity, malicious actor, Okex, reorganizations, Taal, Taal Pool, Theo Goodman<\/p>\n","protected":false},"excerpt":{"rendered":"

The cryptocurrency community has been discussing the Bitcoinsv network as a mining pool called Taal has well over 51% of the hashrate. Data from the analytical crypto website Coin Dance shows the mining pool Taal commands over 78% of the network\u2019s hashrate during the last 24 hours. On Tuesday, the European cold storage provider, Gravity,…<\/p>\n","protected":false},"author":0,"featured_media":9618,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9617"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9617"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9618"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}