BCH hash rate reported under the charge of an unknown miner

Written by: Michael Harris
March 11, 2020
  • An unknown miner took charge of 50% of BCH hash rate on Thursday for 24 hours.
  • The unknown miner mined 73 blocks in total from Thursday morning to Friday morning.
  • Such episodes strengthen the claims of Bitcoin Cash being a security threat.
  • BCH price unaffected; gained 15% on Saturday following the upward rally in Bitcoin.

Recent news on Saturday has reported that as much as 50% of the Bitcoin Cash’s (BCH) hash rate was under the control of an unknown miner for an entire day. The miner took charge from 10 am on October 24th, 2019 to 10 am on October 25th, 2019 and mined 73 blocks in total.

BCH Is A Security Threat

The news created a hype on the social networks with one user (Notgrubles) in particular pointing out that instances like these strengthen the claims of BCH being an attention-worthy liability and a major security risk. He further added that authorities should consider delisting the coin following the episode.

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A user on Redditor also added that there is a good chance for it to rather be a whole group that may be committed to taking complete charge of the entire network. This time, they were able to control 50% of the hash rate. The moment that they get their hands on the entire network, there will hardly be anything to stop them from indulging in unspeakable criminal activities.

Another rather interesting speculation was put forward by Bitmeister on Redditor. It tapped on the possibility of Bitcoin (BTC) miners playing around with their BTC hash power and directing it on the Bitcoin Cash, knowing that it is otherwise of no use for them in the first place.

Crypto experts have elaborated on the meaning of the higher hash rate as a tool that measures the overall security of the cryptocurrency. The higher the hash rate, the greater will be the resources required to realize a 51% attack. In simpler words, experts have stated, higher hash rate directs that a miner will have to face extensive competition in order to validate one of his new blocks.

The experts have further brought attention to a similar episode that occurred in Bitcoin in September of 2019 when its hash rate fell steeply by an unparalleled 40%. A valid explanation for the drop has not been given to date.

The News Didn’t Manifest In Terms Of BCH Price

BCH, however, has not responded to the security breach, as per the report. On the contrary, following Bitcoin’s bull run that had brought the market above $10,000 on Saturday, Bitcoin Cash was also reported to be following in the steps of BTC with a gain of around 15% for the day on Saturday. Bitcoin cash was trading at $253.17 as of Saturday, having raised from around $220 on September 27th, 2019.