Nearly 70% Of BCH Hashrate is Controlled by Unknown Mining Pools, Is A 51% Attack At Risk?

The design of a blockchain is meant to keep any single entity from gaining significant control, allowing any ledger to maintain decentralization. With this type of control, an entire network could be at risk of attack. While the industry largely has managed to maintain balance, an unknown user has managed to gather almost 70% over the Bitcoin Cash hashrate. What’s next?

  • BTC.top formerly controlled 15% of the hashrate, which has dwindled to almost nothing.
  • No information has come from Bitcoin Cash on how this user gained such substantial control.

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One of the biggest threats to the cryptocurrency industry is that of a 51% attack, which is the possibility that holding over half of the control of the blockchain. According to recent reports from CCN and data from Coin Dance, it looks like this threat is heavily present on the Bitcoin Cash network, as an unknown miner presently has 69.44% control of the hashrate.

Bitcoin Cash, Hashrate, 51% Attack
Source: Coin.Dance

Surprisingly, the miner has managed to take over the hashrate, despite the presence of more significant mining pools, like BTC.top and Antpool. Though BTC.top accounted for close to 15% of the total hashrate on the network last week, that percentage has essentially disappeared. Antpool’s mining presence dropped by 50%.

The takeover got the attention of a supporter of Bitcoin Cash, who posted the current circumstances to Reddit. The post showed followers that the last 24 hours have significantly changed Bitcoin Cash’s network, remarking, “They can’t be up to much good.”

Right now, there still has yet to be a lead on exactly what is going on within the network. However, there is clearly a chance that some major changes will happen that could change the course of the network, if this mysterious miner uses the power for evil, rather than for good.

Bitcoin Cash (BCH) Live Price

1 BCH/USD =$237.5803 change ~ -2.64%

Coin Market Cap

$4.39 Billion

24 Hour Volume

$200.37 Million

24 Hour VWAP

$242

24 Hour Change

$-6.2664

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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