As the CoinGeek live conference this week comes closer, there have been reported a spike in the active addresses and transaction counts on the Bitcoin SV network. Three days ago, the active BSV address was 110,000. But today, it has leaped to an impressive 947,400 addresses, a growth of 761% only two days before the CoinGeek conference goes live.
The conference has already started yesterday and will continue until tomorrow. Crypto-Twitter reacted massively to the increase in active addresses. Arthur Van Pelt, who does not support Bitcoin SV, shared a SirToshi chart calling the attention of the Bitcoin community that BSV has tried to surpass the ETH network when DeFi is booming.
“Seems legit. Organic Growth I think. Has nothing to do with #CGLive I bet,” he wrote sarcastically.
In response to Arthur’s remarks, Bitcoin staunch influencer ‘Holdlonaut’ let out a facepalm emoji. Within the same period, transactions within the Bitcoin SV network rose by over 100% from 715 thousand to 1.75 million. This massive growth occurred just 2 days before the conference. However, within the same period, average transaction values were reduced by more than 75%.
Spike could be a coincidence
While many think the spike is related to the conference, it could still be a coincidence, as the network has some unusual spike in activities on some occasions. In June this year, active addresses rose to more than 1 million, while transactions crossed 5.5 million the next month. The pandemic has caused so many conferences to b staged online. The CoinGeek conference is also staged online, which is featuring Fundstrat Global managing partner Thomas Lee and Bitcoin Association President Jimmy Nguyen as speakers.
While addressing online participants, Nguyen pointed out that the SV has the benefit of discouraging negative attitudes and behaviors in the industry, as he stated that the word “honest” appeared 15 times in the original Bitcoin Whitepaper.
According to Nguyen, “Bitcoin SV is the foundational rule set for an entire network,” and is “re-inventing the internet.”
A recent report by CoinGeek revealed that Bitcoin SV now processes more than 2,800 transactions each second on its mainnet. However, the plan is to raise the processing number to more than 50,000 in the future. Already, 1 terabyte transaction blocks have been proposed for the upcoming teranode enterprise-tier protocol.
Meanwhile, the judicial appeal sent by Craig Wright has been rejected by the Supreme Court of Norway. The controversial Bitcoin proponent is suing Hodlonaut for libel, but it appears he will now take the case to the Norwegian court. However, in a Twitter post, Hodlonaut stated that Craig Wright will pay a cost of $6,000 in addition to the $60,000 already awarded.