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December 01, 2022

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TAAL Distributed Information Technologies (TAAL.C) expands their BitcoinSV mining fleet by 3,000 to meet milestone

Taal Distributed Information Technologies (TAAL.C) expanded their BitcoinSV (BSV) mining capacity by purchasing 3,000 new Bitmain S19j Pro blockchain computers today, according to a press release.

This purchase puts the company in position to pass their April 30, 2021 reported promise to close 30 BSV blocks per day when everything was properly deployed.

“BitcoinSV is processing more transactions than BTC on any given day and with an environmental footprint that is under 1 per cent of that consumed on the BTC chain. And, of all the transactions processed on the BitcoinSV network in April of this year, over 60 per cent were processed by Taal With an additional 3,000 pro-computers, we continue building the capacity to be able to meet demand at scale,” said Stefan Matthews, Taal’s executive chairman and chief executive officer.

Bitcoin SV is a hard fork of Bitcoin Cash from back in 2018. The general idea behind Bitcoin SV was to become the next stage of technological advancement in the original bitcoin protocol—one which cleaved more towards the vision laid out in Satoshi Nakamoto’s famous white paper. Hence, why the SV in Bitcoin SV stands for Satoshi Vision. They achieve that by increasing network transaction speeds and increasing scalability.

BSV is ranked 36th by market cap, at $1.7 billion, and presently trading at $167.18, after joining the rest of the altcoins in this month’s monumental tumble. The Bitcoin SV blockchain does actually scale better than Bitcoin’s, though. It has 30% more transactions than BTC daily as of May 19, 2021, according to CoinDance. It’s also more energy efficient than Bitcoin, using less than 1% of the power required by BTC, according to Coin Carbon Cap data.

Source: stockwatch.com

TAAL is up $0.05, and trading at $4.30.

—Joseph Morton

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