Nearly 51% of the Bitcoin Cash Hashrate Belongs to New Anonymous ‘Satoshi Nakamoto’ Miner
An unknown miner has recently acquired about 37% of Bitcoin Cash (BCH) blocks over the past week. It even reached as high as 44% over a day, however, it is not too evident who the miner is. What’s unique about this miner is that they sign their blocks with Satoshi Nakamoto.
Getting 51% of the network’s hashrate is seen a negative as it could allow the entity controlling the majority of the hashrate to pull an attack on the blockchain, and double-spend coins. This means all network participants are forced to trust one entity not to attack.
Bitcoin Cash network has a very low hash rate. At the moment, the network hash rate of BCH is 2.449 EH/s. This is relatively low compared to the 46.952 EH/s recorded on the Bitcoin network. The low hash rate of the Bitcoin Cash network means that some medium-sized Bitcoin miners launch a successful majority attack on the network, reversing transactions and causing havoc.
Not many are sure who this mystery miner is, but there are claims that it might be Calvin Ayre who has returned to mining BCH instead of failing BSV. Ayre’s CoinGeek, an organization running both a cryptocurrency news outlet and a mining pool, has been getting close to having over 51% of the hashrate on the BSV network.
Bitcoin Cash is currently the fourth largest cryptocurrency, well ahead of Litecoin and Dogecoin. However, the number of active addresses on the BCH network is less than 50 percent that of Litecoin and less than 33 percent of Dogecoin at 26,030 in the last 24 hours. Dogecoin has 78,641 while Litecoin has 54, 225 public addresses.
The low number of Bitcoin Cash active addresses may lead to conclusions that the network has low usage. With these, there are claims now that the coin survives on marketing, misinformation, & noobs that give it a platform.