Chain of Events Post-BSV Halving Mirrors BCH’s, Loyalists Propping Up the Network

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For Alex Speirs, the communications director of the Bitcoin Association, the current miner reward model is short lived, with transaction fees being the main incentive for miners once block subsidies run out. In an email to Cointelegraph, Speirs remarked:

“The Bitcoin network was designed to incentivize the sustainability of the network through transaction fees. The problem is, with BTC and BCH, sustaining a model built on transaction fees is just not possible because of the extremely limited block size caps on their networks.”

According to Speirs, the unlimited block size employed in the Bitcoin SV blockchain constitutes a more faithful implementation of Satoshi Nakamoto’s original plan for Bitcoin, adding: 

“We are confident that with the growing volume of transactions seen across the Bitcoin SV network [...] transaction processors (miners) will be incentivized to remain on the Bitcoin SV network by earning an ever-increasing proportion of their revenue from growing transaction fees.”

Network security concerns 

With the BCH post-halving miner exodus, fears have arisen of a possible 51% attack on the blockchain. As reported by Cointelegraph, a rogue attacker would only require about $10,000 worth of rented hash power to stage an attack.

A similar situation has arisen for BSV. As shown by data from Crypto51, a platform that tracks the theoretical host of staging a 51% attack on proof-of-work blockchains like BSV, a rogue actor could attack the BSV chain for one hour for a cost less than the present Bitcoin price.

For Mason Jang, the chief strategy officer at blockchain analytics firm CryptoQuant, BSV mining stakeholders like Coingeek will continue to expend computing power on the Bitcoin SV chain. In a conversation with Cointelegraph, Jang remarked:

“Since the Genesis update, BSV has an unlimited block size and restored op code. Because of this, it's already unfavorable to miners. Instead, the miners and others in the ecosystem are trying to make a distributed database. Therefore, it doesn't seem that the main miners, like Coingeek, will leave the chain.”

Away from the immediate aftermath of the halving, proponents like Murray say Bitcoin SV stakeholders are focused on the planned economic innovations on the chain, telling Cointelegraph:

“There are a lot of entrepreneurs and developers in the 'blockchain' industry that see utility in a global transparent ledger, but are building on top of ledgers that don't scale for global usage. BSV has shown that Bitcoin was always meant to scale to handle billions of transactions a day.”

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