Binance, a prominent cryptocurrency exchange has been behind 13.19 percent of the Bitcoin SV network’s hash power. This has left several in the community surprised as CEO CZ had previously condemned Craig Wright as well as the Bitcoin SV network.
Bitcoin And Bitcoin Cash Take The Back Seat
Malta-based cryptocurrency exchange, Binance has been one of the most promising platforms in the industry. CEO, Changpeng Zhao has made sure to retain Binance’s position in the headlines by releasing an array of developments on the platform. In the past few years, the platform has been eyeing at global expansion as it has been venturing into several different countries. Additionally, the exchange remains on top of the list in CoinMarketCap’s ‘Top Cryptocurrency Exchanges.’
In most recent updates, it was revealed that the Binance Poll was responsible for holding about 13.19 percent of the hash power of the Bitcoin SV network. Binance was fourth behind other mining pools that held 28.47 percent, Huobi with 18.06 percent, and SVPool with 15.97 percent. This still put Binance as one of the largest hash power holders of the Bitcoin SV network.
This did come off as surprising to many as Binance’s Changpeng Zhao was quite vocal about his stance towards the Bitcoin SV network. About a year ago, CZ denounced Craig Wright for claiming to be Satoshi and even went on to delist the coin from the cryptocurrency exchange. He tweeted,
“Lastly, anyone who supports BSV from a tech perspective should be attacking the fraudulent Craig Wright, who is poisoning YOUR community, and not attack the rest of the world.
Anyone thinking CW is Satoshi should read about how a private key works, ie, learn about crypto.”
Further citing that the altcoin had no longer met the required level of standards or the industry changes, Binance delisted BSV on 22 April 2019.
Binance Pool was also seen in other networks including Bitcoin and Bitcoin Cash. However, the platform held petite hash power in both these networks. As seen below, Binance was responsible for just 2.08 percent of the hash power of the Bitcoin Network making it one of the lowest on the list.
The Bitcoin Cash network on the other hand had the Binance Pool responsible for holding 6.94 percent of its hash power.
Several in the crypto community speculated that Binance may be steering towards the Bitcoin SV network. However, they also suggested that CZ would never openly admit to the same.
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Sahana Kiran is a graduate in Political Science, Economics and Journalism. She is a full-time crypto writer at CoinGape and takes a keen interest in cryptocurrencies, especially Ethereum and Bitcoin. Even though she's not a HODLER yet, she has eyes on Bitcoin. 