Research

Coinmetrics report: Over 2 million Bitcoin Private tokens were covertly premined, breaking the 21 million supply cap

Quick Take

  • Coinmetrics, a cryptoasset data provider, released a 10-page report titled: “Don’t trust, verify: A Bitcoin Private case study,” analyzing Bitcoin Private’s coin supply
  • Bitcoin Private is a fork-merge of Bitcoin and ZClassic, a cryptocurrency with privacy features, which itself was a fork of Zcash
  • The report found that 2.04 million additional Bitcoin Private units were covertly minted, pushing the actual supply cap of BTCP to 23.04 million, instead of 21 million

Coinmetrics, a cryptoasset data provider, released a 10-page report titled: “Don’t trust, verify: A Bitcoin Private case study.” The report analyzes Bitcoin Private (BTCP), a fork-merge of Bitcoin and ZClassic, a cryptocurrency with privacy features, which itself was a fork of Zcash. A fork-merge combines two existing blockchain Unspent Transaction Output (UTXO) sets into a single chain.