Bitcoin Cash mining pool gains 53% hashrate and control; 51% at risk

bitcoin cash 84 percent value hike

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Bitcoin Cash (BCH) hashrate came dangerously near to being managed by a single entity i.e. BTC.top. According to a recently published Reddit post, BTC.top governed more than fifty-one percent (51%) of the hashrate.

Bitcoin Cash might have successfully pushed away the hacker abusing the network update, it has also advanced its discretion by employing Schnorr Signatures, but, there is something risky happening behind the scenes, which might have a damaging outcome.

The image attached – released on Reddit – presented that BTC.top fifty-four percent (54%) of the total hashrate which might provide the pool with a power to double spending of BCH, pause trade and effectively unveiling a fifty-one percent (51%) outbreak on the fourth major cryptocurrency.

At present, the regulation by BTC.top declined to a little above forty-four percent (44.44%), still massive enough to govern the devolution of BCH and other cryptocurrencies.

This is not a first-time event that BTC.top has come closer or crossed the fifty percent (50%) line with BCH. On 3rd January 2019, BTC.top measured more than fifty percent (50.2%) of the over-all hashrate for BCH. Whereas BTC.top is a Chinese private body.

Additionally, the pool mined seven successive blocks sometimes ago; this is a terrible condition for BCH if the pool agrees to employ this hashrate.

While BTC.top governs the majority of the hashrate for BTC, the current apprise i.e, BTC ABC 0.18.5 has employed a barrier after every 10 blocks.

According to @Bitcoin_ABC’s tweet after the 0.18.5 update, the release complements the reorganization and defence to guarantee immutability of the trades after ten authorizations.

This precaution helps users, businesses, and exchanges to stay secure and free from disruption. In comparison to Bitcoin, the new blockchain from which BCH forked off has its hashrate dispersed within multiple entities.

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Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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