December 2, 2023

Unknown miner controlled 50% of Bitcoin Cash network

An unknown miner controlled 50% of the Bitcoin Cash network

Supposedly, one miner achieved 50% of the Bitcoin Cash hashrate within 24 hours and had full control of the blockchain.Such a network vulnerability opened it for a possible attack of 51%.

Twitter Grubles user noted that during the day, from October 24 to 25, the miner managed to get more than 80 blocks in the Bitcoin Cash network.

This incident attracted a lot of attention.crypto communities. Andreas Antonopoulos wrote on his Twitter that there seem to be some problems with BCH mining, possibly related to reconfiguring the complexity algorithm.

Controlling over 50 percent of the speedHash BCH, an unknown miner could manipulate the entire chain of blocks. As tweeted, “This is a huge cause for concern, because at the moment the unknown has almost complete control over the network.”

The most famous bitcoin fork in recent timeshad difficulty with hashing speed. As BitInfoCharts data shows, BCH hash rate is currently only 2.37 Eh / s, compared with a record high of 7.88 Eh / s in November 2018.

There are serious consequences of poor network hash rates. The lower the hashrate, the easier it is to execute a 51% attack.