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Unknown miners control more than 60% of the BCH hash rate

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Written by   8
1 year ago

Unknown miners control more than 60% of Bitcoin Cash's hash rate power, causing a risk of attack on its blockchain.

The BCH blockchain is facing a strong visible risk, after the group of unknown miners in its network will far exceed the mining pools identified, reaching 70% control.

Today, the dominance percentage of anonymous groups (which may be only one group) is 61.81%, according to data provided by Coin Dance.

The most alarming issue is the rapid transition of power; unknown miners crushed in a few days the dominance of the important pool BTC.top and Antpool.

The scenario has become even more tenuous when we observe that 15% of Hash's power was provided by BTC.top, and disappeared in its entirety in less than a week; In addition, AntPool has reduced its contribution by almost half during the same period of time.

BCH hashrate power distribution among miners in its chain

Dominance of unknown BCH miners turns on alarm in Reddit users:

Un usuario de Reddit abrió un hilo donde alerta que casi el 70% del hashrate actual de BCH se le atribuye a minero (s) desconocido(s).

For some, it means a worrying situation; We have generally seen how reliable mining groups are those that maintain most of the hashrate control of the other cryptocurrencies, but distributed equitably.

Others claim that all miners should be unknown, hence the principle of decentralization proposed by this new technology.

However, currently, the situation is different; The confidence provided by the identified pools seems to be playing an important role in the healthy growth of the hashrate power of powerful chains such as Bitcoin.

In April 2019, the BCH blockchain experienced an alert similar to the current one, when an unknown miner by the name of Satoshi Nakamoto provided 40% of the chain's total hash.

When more than 51% of the hashrate power of a blockchain is controlled by a single person, or group, the risk of loss of decentralization and impartiality is very high.

He or they could reorganize previous blocks and cause double the consumption of coins, however, BCH limits the influence of attackers to 10 previous blocks, in addition to that it would be an attack that would generate a massive consumption of resources.

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Written by   8
1 year ago
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Comments

I am looking at the site from which you lifted the pie chart, and the current percentage of "Other Mining Pools" is around 46 percent, not more than 60%.

Everyone can check for themselves: https://cash.coin.dance/blocks

And the linked Reddit post is from 20 days ago.

Looks like the situation is very different from what you sketch here.

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1 year ago

It's probably Calvin Ayre's pool mining BCH and selling it for BSV - that was he drives BCH price down, but BSV price up.

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1 year ago

hmmm .. sneaky

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1 year ago