Craig Wright’s Bitcoin Satoshi Vision Blockchain Takeover

Bitcoin Satoshi Vision (BSV) has a miner responsible for capturing 80% of the BSV hashrate by allegedly mining empty transaction blocks.

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

BSV miner mined empty blocks

This takeover gives the miner full control over the network created by Craig Wright, an Australian computer scientist who claims to be the pseudonymous Bitcoin creator Satoshi Nakamoto.

Before the miner came online, the hash rate on the BSV network was relatively constant except for a peak around June 2022. The hash rate measures the computing power used 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 try to confirm the solution.

According to data from the chain, the miner has collected over 9,000 BSV since September 9, 2022.

The Bitcoin Association, based in Switzerland, has asked miners and exchanges to block the miner after they found that they were running empty transaction blocks to earn only the block support without transaction fees. Empty blocks contain no transaction information other than the Coinbase transaction information and are often criticized for leaving more lucrative transactions in the mempool. The mempool is a collection of transactions that have been submitted to the blockchain but have not yet been 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 claimed to be the creator of Bitcoin, a claim that has struggled to win supporters from the Bitcoin and Bitcoin Cash community.

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

The 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, claiming Wright was a fraud. Following Granath’s tweets, Hodlonaut received correspondence from Wright’s lawyers, asking him to take down the tweets, apologize to Hodlonaut, and testify in court that Wright was indeed Hodlonaut.

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

The seven-day trial began on 12 September 2022 and ended on 21 September 2022. The judge has set a tentative date of November 8, 2022 to hand down her ruling.

Wright had previously sued Hodlonaut for libel in the UK, 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 knowingly giving false evidence to the court.

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