An unknown miner of the Bitcoin Cash cryptocurrency was apparently in control of more than 50 percent of the token’s hash rate for about 24 hours. In today’s bitcoin cash news, we try to find out what exactly happened.
The miner seemingly mined 73 blocks from 10 A.M October 24 to 10 A.M October 25 to which the Twitter user Notgrubles responded that this is one of the reasons why ‘’BCH is a security risk and liability’’ while asking to de-list the coin. By controlling more than half of the BCH hash rate, the unknown miner or even miners, are not far off from controlling the entire network and they even have the ability to do nefarious things as one Redditor explained.
The Redditor Bitmeister had perhaps the most interesting view on the events by saying that it is likely that the unknown miner or miners are experimenting with the useless BTC hash power by pointing it at BCH. At the end of the month of September, Bitcoin’s network hash rate dropped by more than 40 percent and the flash drop remained unexplained so it was all the more striking given the Bitcoin’s network record-breaking hash rate of the entire all-time high hash rate over the summer. Just a few days ago, it was reported that the bitcoin hash rate has passed a record 102 quintillion hashes in the historic milestone.
A higher hash rate can mean that there is a bigger competition among the miners that validate the new blocks. It also increases the number of resources that are needed for performing a 51 percent attack making the entire network more secure. Syncing with the sudden price boost that Bitcoin got, the entire altcoin market also entered the green zone and Bitcoin Cash (BCH) recorded a massive gain of more than 15 percent on the day as of press time. The cryptocurrency is now trading at $258 with a potential of a slight increase in the short term.
According to the latest sentiment data, the short-term sentiment towards Bitcoin Cash is neutral at 52 percent while the long-term sentiment for it also neutral at 49.00%. The four-hour timeframe shows that the bulls need to move above the $242 price level to invalidate the bearish head and shoulders pattern and the BCH/USD pair has a limited technical resistance until the $290 level.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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