Starting on 14 November, the price of Bitcoin, and in fact all altcoins, has been decreasing. The downward trend is as unexpected as the rise in the value of the recently forked coin, Bitcoin Cash SV. It is trading at $121 per coin now.
To support the brand new virtual coin, CoinGeek has recently partnered with nChain, the blockchain-based research company, on a fintech project called Teranode. They pursue a goal of bringing 1 Terabyte blocks to the SV chain. As a result, the network will have a throughput of seven million transactions per second. If the project succeeds, it will become a game-changer, altering the situation on the crypto market completely.
“Teranode is my baby. The first prototypical iteration of Teranode was just born after the November 15 hard fork of BCH. As we are watching Bitcoin SV in real-life action, we are studying performance hurdles and building new solutions for the enterprise-class Teranode,” nChain’s dev lead Steve Shadders commented.
If BitMEX research is anything to go by, mining activity has brought both camps, advocates for Bitcoin Cash ABC (BCH) and Bitcoin Cash SV (BCHSV), anything but profit. Total combined losses are estimated at around $10 million. However, the BCHSV losses could be compensated if the price continues its upward movement.
Nevertheless, the question that still remains open is how miners are able to manipulate market prices by their activity on the network. For example, CoinGeek has managed to stay in business for such a long period and attract the attention of day traders by throwing hashrate at the network.