Some may have thought that the endless Bitcoin Cash Hash Wars have ended with Bitcoin ABC winning as they had the longest chain and the most hash power. But, it’s actually the opposite as Bitcoin SV has recovered multiplying its value from $38 on November 23 to $112 in three days (an increase of almost 300%).
On the other hand, Bitcoin SV’s competitor – or we could use the word “enemy” too, based on the intensity of the Hash Wars, Bitcoin ABC (referred to as the real Bitcoin Cash on some exchanges) has increased only by 5% in the same time interval, from $198 to $208. However, ABC had recently experienced a huge price increase, gaining 12% in a matter of an hour. Bring some popcorn for the next hours’ action.
Another day in the Hash Wars
Bitcoin ABC possesses 64% of the BCH network hash rate, while Bitcoin SV’s share is 36%. It seems that the hash power is continuously changing, less than an hour ago, the difference between the two competitors had reduced to under 20%.
On November 20, 2018, this was much more different as Bitcoin ABC had the support of 73% of the miners, while Bitcoin SV was standing at only 27%.
Bitcoin SV to handle 1 TB of transactions in 3 years
Yesterday, Craig Wright, who’s leading the Bitcoin SV team, has published his visions about Bitcoin SV’s future. Ideas that are highly ambitious as Wright stated that he wants “Bitcoin SV to scale to a capability to handle 1 TB of transactions in three years.”
BSV has a block size limit of 64 MB at the moment, but it will increase to 512 MB in six months and 2 GB in a year, according to Wright. He also stated that, due to the upgrades regarding the block size limit, Bitcoin SV miners would be earning around $8,000 per block in six months:
“Bitcoin as SV will have miners earning over $8,000 a block based on use alone. That equates to $640 a Bitcoin on exchanges, and we have not factored in the gambling price of Bitcoin, just what miners will earn as a service,” Wright said in a Medium post.
According to Wright, in 2-3 years, Bitcoin SV will be able to handle 6.5 million transactions per second, which is “Visa, MasterCard, banking in SWIFT, and ALL global currencies (not just crypto) in under 15% of a block.”
As seen on the following charts and mentioned in our recent Crypto Market Update, Bitcoin SV found a floor of support around the $39 price level and exploding since then: