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.
Roger Ver’s Platform Withdraws From 12.5% Miner Fee Proposal
“As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.’’The decision came as a response to the heavy criticism the platform was getting. The Bitcoin Cash supporters said that there are less coercive ways to raise development funds and the users of bitcoin also used the proposals to call out the centralization of Bitcoin Cash. Roger Ver’s Platform stated:
“We think it is clear that the existing proposal does not have enough support, and we will be working to come up with a plan that is profitable for all the relevant parties and which preserves the fundamental economics of Bitcoin Cash.”Roger Ver didn’t comment on the matter yet. The proposal was initially pushed by the cartel of miners that represent 54 percent of the network’s identified hash rate or 34 percent of the total hashrate. The CEO of BTC.top Jian Zhuoer announced the proposal a few days ago and said that his mining pool alone controls 25 percent of the identified hashrate. Some of the other members of the cartel include the CEO of Bitmain, Jihan Wu, and Haipo Yang of ViaBTC.com. Roger Ver’s platform was a part of the plan but not anymore. Bitcoin.com represented less than 2 percent of the known hashrate which means that the cartel still controls 32 percent of the network. Zhuoer stated:
“Funding of infrastructure may often go overlooked or be underprioritized.’’Based on the prices, the proposal will reach up to $41,000 in the funding per day or about $7.5 million over six months period. Most of the funds will go to the Bitcoin ABC or the primary open-source implementation of the Bitcoin cash protocol. Bitcoin ABC stated:
“Although many previous attempts at stable infrastructure funding have been tried with mixed results, we are optimistic this plan could be a great success.’’
Bitcoin Cash Dev Tax May Still Roll Out Despite Roger Ver’s Support
“The dev tax is wounded, but not dead,” developer Peter Rizun, who is against the proposal, told Bloomberg in the latest Bitcoin Cash news.He also pointed out that a lot of key miners support the proposal and could still implement it on May 15. Meanwhile, Bitcoin.com is led by Roger Ver, stressed that "this is a great opportunity for developers to clarify what they need funding for, and provide the specific budgets and timelines they have for their work.” As the pool operator said, any new proposal will need to have as many people of economic weight on board as possible. These include businesses, exchanges, miners as well as Bitcoin Cash implementations. The Bitcoin Cash dev tax is now a viral topic in the cryptonews. The CEO of one of the largest mining pools on BCH, BTC.TOP recently offered to direct 12.5% of the mining rewards to support the BCH infrastructure over a period of six months. His post included a threat to orphan the noncomplying BCH blocks (the ones would no longer be included in the BCH blockchain). Besides BTC.TOP, the proposal was also signed by other large mining pools including Antpool, ViaBTC, BTC.com as well as Bitcoin.com, until the latter revoked their support. After that, we could see that the response from most of the miners was negative, including a lot of dramatic calls for massive exodus from the coin. The main issue, according to the comments, was based on the centralization. Taxes like these would quickly create a wholly centralized infrastructure for the coin and leave miners voting out in the cold. Data now shows that the average number of developers working on BCH-related products (the Bitcoin Cash dev tax is one of them) declined by 32% in the first half of 2019. Meanwhile, Bitcoin Cash (BCH) is now stable with a 3.34% increase on the day and a new price of $381. The charts have seen mixed movements in the past month but the cryptocurrency made most of everything over the past week, just like many altcoins out there.
Bitcoin Cash Just Broke $360 And $400 Is Imminent Now
- Hourly MACD – The MACD for BCH/USD is now gaining a strong pace in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level, with a bullish angle.
- Key Support Levels – $350 and $330.
- Key Resistance Levels – $365 and $400.
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