Craig Wrights Bitcoin Satoshi Vision Blockchain Takeover

Bitcoin Satoshi Vision (BSV) has one miner responsible for taking over 80% of the BSV hashrate by reportedly mining empty transaction blocks.

BSV was created by Craig Wright as the authentic version of Bitcoin as imagined by Nakamoto.

BSV miner mined empty blocks

This takeover gives the miner complete control of the network created by Craig Wright, an Australian computer scientist claiming to be the pseudonymous Bitcoin creator Satoshi Nakamoto.

Before the miner came online, the hashrate on the BSV network was relatively constant except for a spike around June 2022. The hashrate measures the computing power spent to solve a cryptographic puzzle known as a hash to create a new block in a chain. When the puzzle is solved, other nodes in the BSV network will attempt to verify the solution.

According to on-chain data, the miner has amassed over 9,000 BSV since Sep. 9, 2022.

The Bitcoin Association, based in Switzerland, has asked miners and exchanges to block the miner after it found that they were mining empty transaction blocks to earn only the block subsidy without transaction fees. Empty blocks contain no transaction information except the Coinbase transaction information and are often criticized for leaving more lucrative transactions in the mempool. The mempool is a collection of transactions submitted on the blockchain but not yet executed.

Bitcoin Satoshi Vision price

Wright created Bitcoin Satoshi’s Vision as a hard fork of Bitcoin Cash, a hard fork of the original Bitcoin code. A hard fork occurs when a blockchain community and developers create a new blockchain whose transaction blocks follow different consensus rules from the original. Nodes in the original blockchain cannot validate transactions on the new blockchain.

Wright has long maintained that he is the creator of Bitcoin, a claim that has struggled to win adherents from the Bitcoin and Bitcoin Cash community.

The coin currently trades at $48.96, with a market capitalization of under $950,000,000. Like Bitcoin, it is intended to be a deflationary currency, with only 21 million coins that will ever be minted.

Craig Wright vs Hodlonaut case

Wright is awaiting the outcome of a court battle with Magnus Granath (aka Hodlonaut) over tweets Granath made in 2019, asserting that Wright was a fraud. Following Granath’s tweets, Hodlonaut received correspondence from Wright’s lawyers, asking him to take the tweets down, apologize to Hodlonaut, and testify in court that Wright was indeed Hodlonaut.

Hodlonaut then filed a lawsuit in Oslo, Norway, asserting that his tweets were protected by freedom of speech laws in Norway.

The seven-day trial began on Sep. 12, 2022, and ended on Sep. 21, 2022. The judge has set a tentative date of Nov. 8, 2022, to deliver her ruling.

Wright had previously sued Hodlonaut for libel in the U.K., prompting a judge to order Hodlonaut to pay Wright £112,000 in adverse costs. He also sued Peter McCormack, host of the “What Bitcoin Did,” podcast, and was awarded £1 in damages for deliberately providing the court with false evidence.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

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