Bitcoin Cash Shows Severely Low Hash Rate, Raising Red Flags Around The BTC Hard Fork Mining
- The hash rate of Bitcoin Cash could cause investors to rally against the token.
- With a low hash rate, this cryptocurrency asset is at risk of a 51% attack.
Bitcoin has seen some major surges over the course of 2019, and it has been one of the biggest names mentioned in the cryptocurrency industry since it was created, no matter its changes. Two of the biggest changes that happened to the asset through the years have been the Bitcoin Cash and Bitcoin SV hard forks, which involved groups of developers breaking away for the sake of increasing block size.
With these hard forks, the community also split apart when the enthusiasts of the industry chose to take opposite sizes. Over time, the popular cryptocurrency got a lot of support from mainstream personalities, but Bitcoin Cash and Bitcoin SV have met different fates. Roger Ver has remained a staunch supporter of Bitcoin Cash, while seeking out the pitfalls of Bitcoin. Based on recent statistics, this idea could not be further from the truth.
Based on this chart, it is clear that Bitcoin Cash has seen the least transactions in the last day, and it is even dipping below Bitcoin SV. However, it is no surprise that Bitcoin is the lead, showing over 378,000 transactions.
Even with this data, the statistics with the most attention right now is the low hash rate reported for BCH, showing less than 3% of what Bitcoin’s hash rate presently is. For a major network, that number is very low, and one Twitter user even pointed out that a 51% attack would be incredibly likely on the BCH network, even with amateurs that are armed with no more than a “pen and paper.”
Another statistic that could be relevant to this circumstance is that Bitcoin presently has more active addresses at 693,557. Bitcoin Cash and Bitcoin SV barely hold a candle to these addresses, with 28,638 and 17,667, respectively.
Some people believe that the falling volatility of Bitcoin Cash could potentially be taken advantage of by investors to hedge against Bitcoin. However, with the low hash rate, it is possible that the investors would end up being pushed away. The current hash rate leaves Bitcoin Cash open to 51% attacks, imposing a major sense of reluctance amongst possible traders.