More than one year after leading an industry-wide delisting of Bitcoin SV (BSV) on crypto exchanges, Binance is now profiting from mining the cryptocurrency, and at the time of writing was the largest mining pool for the asset, according to data from Coin.dance.
Binance’s mining pool as shown in the graph below has mined more than 25% of Bitcoin SV blocks on the day and boasts more hashpower than other miners, including Taal and other mining pools backed by Bitcoin SV proponent, Calvin Ayre.
What happened?
The date was April 15, 2019, when Binance reacted to news about self-named Bitcoin creator, Craig Wright suing influential persons in the crypto community. The exchange delisted BitcoinSV, and a number of trading platforms followed suit, causing the price of BSV to drop near 100% in a single day.
Fast forward to the present, Binance launched its mining pool last month to much fanfare and has now joined the business of mining proof-of-work (PoW)-based cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV).
For miners, the business is with finding the most profitable blockchain networks to mine for the short-term. Last week, Coinfomania reported that as a result of a loss of miner interest, the Bitcoin Cash (BCH) network failed to add a single block for over two hours.
With Coin.dance data also confirming that it was 5.1% percent more profitable to mine BSV at the time of writing, it is understandable that Binance’s mining pool focused a large chunk of its computing power on mining the altcoin.
The current scenario, however, raises questions about Binance’s earlier decision to delist BSV, especially since the company is investing in and trading the asset, but not giving customers the opportunity to do so on its exchange platform.
On the other hand, it also shows that Binance means business and will not mind side-stepping its earlier precedents to get the job done.
