It looks like Bitcoin SV weathered the storm a little too well.
Bitcoin SV is that one coin that you often forget about when recounting the top 10 cryptocurrencies in the market, and for good reason. As far as basic fundamentals go, the Bitcoin Cash hardfork is well and truly left in the cold.
The only inkling of remembrance that fails to leave the memory, with respect to Bitcoin SV, is Craig Wright, who makes news once a fortnight by either being the subject of a lawsuit, or dishing one out on weak grounds.
Coming back to his pet project, Bitcoin SV’s transaction count has been growing, in terms of number and not in terms of source. According to the latest report by CoinMetrics, over 94 percent of daily BSV transactions are generated by a weather app. Yeah, you read that right.
Over the past two months, the total transaction count for Bitcoin SV has been on the up-and-up, but “a majority” of the recorded transactions include OP_RETURNS, which are “unspendable” and cannot be used to “effectively exchange value.”
If OP_RETURNS are excluded from the transaction count, only 4 percent of the transaction count is valid, as the report stated that over 96 percent of the BSV transactions included OP_RETURNS, as on July 14. According to CoinMetrics, a “large portion” of the same emanate from one single source, Weather SV.
Transactions with OP_RETURN are close to touching 100,000, while those without are hovering at just over 5,000 transactions.
The report read,
“A large portion of BSV’s OP_RETURNS, for example, come from a weather app called “WeatherSV.” WeatherSV records and retrieves climate data on the BSV ledger.”
Two other applications mentioned in the report were Memo.cash and Bitcom. However, the BSV transaction count on them has been falling since May 2019. The report stated that over 94 percent of transactions, with and without OP_RETURNS, were coming from WeatherSV.
WeatherSV is amassing well over 80,000 Bitcoin SV transactions, while all the other transactions [excluding Weather SV] account for less than 10,000 transactions, with the rise beginning post the first week of May.
In terms of hashrate as well, Bitcoin SV and its big brother Bitcoin Cash have reached their lowest point on July 12, since the beginning of the year. When compared to the king coin’s mining capabilities, BCH and BSV together have about 5 percent of the total hashrate, when the three assets’ mining prowess is measured.
Fair to say, the next time Bitcoin SV drops in value, the coin might just be ‘under the weather.’