In line with a recent ‘official tweet‘ published by ‘BitMEX exchange’, Controversial cryptocurrency BSV [Bitcoin SV] ‘blockchain‘ is combating with its giant block size following a series of block re-organizations.
Within the post, BitMEX published that recently on 18th April its BSV node “experienced two block re-organizations. Primarily a 3 block re-organisation, followed by a 6 block re-organisation.” BitMEX elaborated within the post, mentioning:
Blockchain re-organization is a ‘scenario‘ when 2 miners discovered a block simultaneously in a very blockchain that causes a temporary forking within the network, with situation resolved once a miner finds the following block as their chain has the more work out of 2 forks. The block that caused the fork becomes “orphaned,” and is modified with the block from the fork with more blocks. Block re-organization occurs after the network is simply too slow to reproduce blocks with an efficiency.
According to some comments to the tweet, BitMEX explains that it detected 2 valid competitive chains, with a split occurring at block number 578,639. BitMEX’s node reportedly followed the chain on the left till block 578,642, that further leapt to the right. Within a just period of time, the chain reportedly jumped back to the left facet. BitMEX added that however no issues of double spending took place.
When asked what it may probably mean, BitMEX added that several variants, stating that the Bitcoin SV [BSV] network isn’t reliable for payments, the block size limit is simply too large as well as network latency is just too high.
Just recently, Bitcoin SV has had difficulties on cryptocurrency exchanges, with some asserting they might delist the coin. Leading cryptocurrency exchange named Binance ‘announced‘ that from 22nd April, it’ll delist and stop trading on all trading pairs for BSV. Binance explained that it solely delists a coin after another in-depth review, adding that “we believe this best protects all of our users.”
Even a few days later, U.S-based cryptocurrency exchange named ‘Kraken’ conjointly ‘announced‘ to delist BSV. Within the official press-release, Kraken aforementioned that BSV had “engaged in behaviour utterly antithetical to everything we at Kraken and the wider crypto community stands for.”