Unknown Miner Controls 50% of BCH Hash Rate for 24 Hours

Must Read

Bitcoin Gold Team says Novel Double-Spend Resistant Algorithm to be Released in 1Q20 after Suffering a 51% Attack yet again

Bitcoin Gold (BTG), a hard fork of the world's leading cryptocurrency Bitcoin suffered a 51 attack last...

Crypto Now Subject to Ukraine’s New “Financial Monitoring” Law But FM says Working on a Special Law to Regulate Virtual Assets

Ukraine has passed a new bill on Financial Monitoring to combat money laundering. With the need to...

Bitcoin Reflecting Gold Movement as Coronavirus Outbreak causes Investors Scurrying for Safe Havens

Global equity markets experienced a slump on Monday as investors keep an eye on the deadly Coronavirus...
- Advertisement -

An unknown Bitcoin Cash (BCH) miner was apparently in control of more than 50% of the token’s hash rate for 24 hours.

The miner seemed to mine 73 blocks from 10 am Oct. 24 to 10 am Oct. 25, to which Twitter user Notgrubles responded that this is the reason why “BCH is a security risk and a liability,” while asking to de-list the coin.

By controlling 50% of BCH hash rate, the unknown miner, or potentially miners, are not far off from controlling the entire network and the ability to do “nefarious things” as one Redditor eloquently said

Redditor Bitmeister had perhaps the most interesting view on this recent event, by saying that it is likely that Bitcoin (BTC) miners are experimenting with their otherwise useless BTC hashpower by pointing it at BCH.

Mysterious flash crash of BTC hash rate 

At the end of September Bitcoin’s network hash rate dipped a record 40%. The flash drop remained unexplained and was all the more striking given the Bitcoin network’s record-breaking string of new all-time high hash rates throughout the summer.

A higher hash rate means greater competition among miners to validate new blocks. It also increases the number of resources needed for performing a 51% attack, making the network more secure.

Bitcoin Cash makes massive gains today

In sync with Bitcoin’s sudden price boost yesterday, altcoin markets also entered the green zone, with BCH recording a massive gain of more than 15% on the day as of press time.

- Advertisement -
- Advertisement -

Latest News

11 Years Ago Today Satoshi Nakamoto Published the Bitcoin White Paper

Today, Oct. 31, marks eleven years since the publication of the Bitcoin white paper by the still-mysterious person or...
- Advertisement -

Momentum Protocol announces Solution Provider Program

Momentum Protocol announced today that it is starting to roll out its Solution Provider Program. An initial set of partners have already...

ArBinance is Changing the Crypto Arbitrage Game with the Click of a Button

ArBinance is a professional arbitrage trading platform that aims to revolutionize cryptocurrency trading by allowing its users to conduct crypto arbitrage through...

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users SmartMixer.io is a new bitcoin mixing service especially geared toward...

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST Vienna-based fintech Bitpanda...