⛏️ [Analysis] Bitcoin Cash SV Unprofitable to Mine? $2.1 Million in Losses Since the Fork

Recent BitMEX research shows Bitcoin SV ($BSV) miners have incurred a loss of $2.1 million since the hardfork in Nov. 2018. Using the price resistance level of $70 per coin BitMEX estimates sale proceeds of newly minted coins at $18.8 million compared to electricity costs of $20.9 million. These figures do not include overhead and other maintenance costs which could mean the actual loss is larger. With the recent price crash after the Binance delisting, Miner Update claims revenues could see another 14% drop. Billionaire BSV proponent Calvin Ayre is thought to run the largest BSV mining pool and even if operations are running at a loss Miner Rewards points out that miners like Ayre are motivated more by ideology than profit.