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Bitcoin SV Miners record losses over $2.2 Million Post Fork- Bitmex


Per a tweet published by the research arm of cryptocurrency derivatives platform BitMEX, Bitcoin SV miners have recorded staggering losses of $2.2 million. The report claims that BSV miners has a negative gross profit margin of 12%. The reason being the coin being created in Bitcoin Cash (BCH) split. The firm has estimated losses on mined coin count, current price of the coin and lower bound mining electricity costs. 

Based on our estimates and current coin prices, since the November 2018 split, Bitcoin Cash SV miners have accumulated gross losses of US$2.2m (a negative gross profit margin of 12%). This is accounting for mining electricity costs only

BSV has gained fame for always being wrapped in controversy since its advent. Yesterday, founder and CEO of Binance, Changpeng Zhao, warned that he will delist BSV, unless Craig Wright the creator of the altcoin, mends his behaviour. CZ’s reaction seems to come from the fact that Wright set a bounty over the identity of a twitter user who refused to believe that Craig Wright is Satoshi Nakamoto. 

A $5,000 bounty in BSV has been set by Wright for information regarding the identity of Hodlnaut. The cryptocurrency community reacted on Twitter by creating #WeAreAllHodlonaut hashtag, to show support for the now deleted twitter user.The community reacted to Zhao’s warning by tweeting that other exchanges delist BSV and create a #DelistBSV hashtag.

BitMEX in November had launched a monitoring tool for Bitcoin (BTC) and Bitcoin Cash (BCH). The tool named Forkmonitor, provided the data tweeted by BitMEX. Also, in March, BitMEX Research also launched an Ethereum (ETH) node metrics website. The site, named NodeStats, shows data about five different ETH nodes and updates every five seconds. The website was launched in synergy with BitMEX Ethereum data partner TokenAnalyst.

About BitMEX

Founded by HDR Global Trading Limited in 2014, BitMEX is a trading platform operating in Hong Kong and registered in the Seychelles. BitMEX is one of the largest Bitcoin trading platforms currently operating, with a daily trading volume of over 35,000 BTC and over 540,000 accesses monthly and a trading history of over $34 billion worth of Bitcoin since its inception.

BitMEX only accepts deposits through Bitcoin, which can then be used to purchase a variety of other cryptocurrencies. BitMEX specialises in sophisticated financial operations such as margin trading, which is trading with leverage.