The Bitcoin Cash (BCH) community is preparing for another hash war as an unknown miner by Satoshi’s name in the block’s coin base accounts for 44% of the current BCH hash rate. A Reddit user posted these results on April 29, 2019.
Siren goes off for Hash War
As BCH prepares for a planned, non-controversial hard fork in May 2019, an unknown miner by Satoshi’s name has hit 44% chain hash rate. The community suspects this is an attempt by the BSV (Bitcoin Satoshi’s Vision) faction to start a second hash war after BSV aborted the BCH blockchain.
BSV miners have mined at tremendous losses since BCH split, so it wouldn’t be too outlandish to believe that a handful of BSV miners are trying to make up some of their losses, with the added benefit of causing clutter in the BCH -Chain.
Statistics on the Cash Coin Dance show that the unknown miner gained 35% of the hash rate over the course of the week and it rose to 44% on the last day. With that in mind, Bitcoin Cash can amass the hash power to fend off a 51% attack on its blockchain. None of the developers or known community members have looked at it yet, but it doesn’t seem to be lightly.
How this can turn out
In the event that it is actually a rogue miner looking to destroy the blockchain, continued mining would cause them to accumulate coins and toss them on the market. This will put pressure on the BCH price and potentially lead to a dump.
The rogue miner would leave the network for good after the cost of mining BCH exceeds the income from selling mined BCH. In order for this scenario to unfold, the price would have to drop massively. BCH stalwarts like Roger Ver and Jihan Wu have a lot of money to burn. BSV isn’t the only chain run by an extremely wealthy person. It is therefore likely that Roger will amass a large amount of hash power to fend off this unknown miner.
Chances are this is a plan to sabotage the May 15th Hard Fork. It has resulted in alarms being raised within BCH as they suspect both BTC and BSV advocates. At this point there is far too little evidence of sabotage. The best thing you can do is keep up with events as evidence emerges. BTC Manager will handle future updates that resolve into this potential “second hashwar”.
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