The motivation driving Bitcoin SV (BSV) miners is non-economic in nature, according to a report released by major cryptocurrency commutation Binance on Dec. 18.

Binance Enquiry, the substitution's research arm, has tried to approximate mining profitability for Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin SV. Interestingly, the calculations included in the report suggest that BSV miners incurred significant losses and consequently concluded that the miners are non turn a profit-driven.

Per the report, from November 2022 to August this year BSV mining profitability was lower than BTC and BCH mining profitability. According to the researchers, this has articulate implications:

"In summary, the Bitcoin SV reward-to-difficulty pattern implies that a significant portion of its hashpower might non accept emanated from economically-driven actors until August 2022."

Difference between BSV and BTC mining profitability estimates Nov. 15, 2022-Nov. 15, 2022. Source: Binance Research

Difference between BSV and BTC mining profitability estimates Nov. fifteen, 2022-November. 15, 2022. Source: Binance Research

BSV holdings may explain the beliefs

Binance Research besides calculated the loss sustained by miners because of mining Bitcoin SV instead of Bitcoin. Per the written report, in the Nov 2022-Dec 2022 menstruation, BSV miners collectively suffered a loss between $12 million and $thirteen one thousand thousand. The researchers suggest a probable explanation to this apparently irrational beliefs past miners:

"BSV miners were presumably not mining at a loss over the first vi months of 2022, and their respective vested interests (i.e., owning a lot of BSV coins) probably outbalanced opportunity costs. These vested interests would incentivize them to secure the BSV network to preserve a significant portion of their upper-case letter."

Per the written report, Bitcoin Cash mining profitability also remained lower than that of Bitcoin in the period between June and August. Consequently, Binance Enquiry estimates that BCH miners accept sustained an opportunity cost of about $7.7 meg.

This is not the first time that Bitcoin Cash miners take been plant to lose coin past misdirecting their hashrate. As Cointelegraph reported in mid-November, BCH miners appeared to have wasted money mining 14 blocks on the incorrect chain after the altcoin underwent a hard fork.