BTCV Mining Hashrate and Power analysis
Bitcoin Vault (BTCV) is a 2 year-old cryptocurrency based on SHA-256 cryptographic hash function, the same algorithm used for mining Bitcoin. However, it brings a revolution in the security aspect through the anti-theft solution using an innovative three-key proprietary wallet.
One of the biggest advantages for the users of BTCV is that they have a 24-hour window to cancel unauthorized transactions. The intention is to give users the ability to react and reduce potential theft by reversing the transaction in case one private key is lost or stolen. By delaying the default time necessary to transfer assets from one block (around 10 minutes) to 144 blocks (24 hours), and providing another key to cancel the transfer, users can rest assured that their funds are secure.
There is a certain advantage in using the SHA-256 algorithm. SHA-256 is an industry standard that is trusted by esteemed organizations and crypto projects, including Bitcoin. Additionally, there are 2256 possible hash values when using SHA-256, which makes it nearly impossible for two different documents to coincidentally have the exact same hash value.
However, one of the main advantages of using SHA-256 algorithm is the ease of mining multiple cryptocurrencies with the same mining equipment. As Bitcoin is the industry leader consuming a vast majority of the crypto mining power, it makes sense for miners to couple an altcoin (like BTCV) mining with that of Bitcoin.
Mining Hashrate of Bitcoin Vault
Mining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. The hashing power is estimated from the number of blocks being mined in the last 24h and the current block difficulty.
There are currently 3 major mining pools that share a vast majority of the proportion of BTCV hashrate, namely, BTCV Pool, Binance Pool and BTC.com. The distribution of hashrate in these 3 major mining pools proves a certain amount of decentralization for BTCV.
1) BTC.com: BTC.com is one of the most prominent mining pools out there, commanding around 10% of bitcoin’s mining hashrate. Coincidentally, they have a 10% mining hashrate share for BTCV too.
2) Binance Pool: Associated with one of the biggest brands in crypto, Binance, Binance pool is quickly becoming a popular destination to mine Bitcoin, currently controlling 9% of the hash rate. For BTCV mining, it is the biggest pool with a 46% hashrate.
3) BTCV Pool: BTCV Pool is one of the first pools to become popular for mining BTCV. Currently, they have a share of 44% of the mining hashpower.
BTCV is getting popular swiftly. There are already close to 40,000 wallets and the number seems to be increasing exponentially. The wallets are pretty active too, with over 8,000 transactions in the last 30 days. These transactions are being verified by the miners from the pools mentioned above. Considering the mining difficulty of BTCV is 1.042 Terahash, considerably lower than Bitcoin(which is close to 13.67 Terahash right now), we can expect a movement of SHA-256 miners to mine Bitcoin Vault.