The hash rate of Bitcoin Cash (BCH) is right now 0.1% of Bitcoin – something that leads many miners to lose interest in the altcoin. As the latest cryptocurrency news show, miners seem to be ditching Bitcoin Cash in droves as the hash rate continues to underperform. If you are asking yourself “are miners losing interest because of this,” the answer to your question is ‘yes’.
As we reported earlier on our site, the hash rate has been a major problem for the Bitcoin Cash (BCH) network, leading to serious concerns. While the Bitcoin (BTC) hash rates have climbed to record highs as of recently (even with the markets going down), BCH power has languished.
In fact, the Bitcoin Cash hash rate has gone up at a factor of ten, while BCH has not increased. The updates show that the BCH network will soon have less than $1250 of security generated every ten minutes. When finally produced, this power was only 2.4MB or less than 10% of the maximum 32MB.
However, we should note that slow blocks are not unheard of, even on the Bitcoin network. What’s is more important in the Bitcoin Cash news is that all of the issues raised concerns as to the security of the network itself. So, are miners beginning to shift to other mining platforms?
According to Dr Checksum 0.Zero who is a long-time miner and a Twitter commentator, the number of miners who could attack the service had gone up tenfold. As he said:
“…now I know at least 20 miners who could do it.”
With this, the Twitter user suggested that every single BTC pool could also stage an attack if it wants to. According to some updates, one miner now controls 50% of the BCH network and its hash rate, and “essentially has full control of the chain at this point in time.”
1/ After looking deeper into this issue, there is *enormous cause for concern* as the entity in question on the Bitcoin Cash blockchain essentially has full control over the chain at this point in time. (thread) https://t.co/chTqhAE6ox
— librehash (@librehash) October 26, 2019
The unknown miner recently found 24 ten-minute blocks in the course of two hours. This allowed him to beat the entire network and potentially break it.
So, are miners going away from the BCH ecosystem? The entire situation seems to lead to such scenario. If the hash rate continues to drop, it will be a reality for every BCH miner out there.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]