The current Bitcoin Money (BCH) block reward halving has wreaked havoc on the cryptocurrency’s hash fee — with an obvious miner exodus plummeting
The current Bitcoin Money (BCH) block reward halving has wreaked havoc on the cryptocurrency’s hash fee — with an obvious miner exodus plummeting hash energy greater than 80% over two days.
In consequence, launching a 51% assault on BCH at present prices lower than $10,000 per hour, elevating considerations relating to the safety of the community.
BCH Hash fee plummets 80%
In response to BCH’s block rewards dropping from 12.5 BCH to six.25 BCH, many miners seem to have migrated their hash energy to the Bitcoin (BTC) community.
In line with f2pool, BCH hash fee dropped from practically 4,200 pentahashes per second (PH/s) to as little as 720 PH/s inside two days of the halving happening. Over the previous 5 hours, the Bitcoin Money hash fee has greater than doubled from the native low to hover at 1,600 PH/s.
BCH hashrate over seven days. Supply: f2pool
Mining information web site fork.lol reported a greater than 30% enhance in Bitcoin hashrate amid BCH’s aggressive decline.
BTC and BCH hashrate over 30 days. Supply: fork.lol
Value of 51% assault on BCH drops beneath $10,000
The sudden dip in hashrate has additionally left BCH extremely uncovered to the specter of 51% assaults — with Crypto51 estimating that it could value $9,130 per hour to launch an assault on the Bitcoin Money community utilizing rented hashpower.
On Could 24, 2019, the 2 largest mining swimming pools on the BCH community — BTC.high and BTC.com — executed a white-hat 51% assault to stop an entity from exploiting a vulnerability that might have had left some cash “up for grabs.”
Will the Bitcoin hash fee observe go well with post-halving?
The crypto neighborhood is speculating as as to if the crash in BCH hashrate is an indication of issues to return for Bitcoin because the community prepares for a block reward discount to be applied in roughly 33 days. On Reddit, one consumer posted:
“[T]he BTC miners are extra f***** than the BCH miners if the hash fee immediately drops 75% in a single day. BCH adjusts its issue each 24 hours. BTC adjusts its issue each 14 days. So miners should mine at a loss for a for much longer interval till the community can function as regular once more (until there are some final minute panic modifications within the issue adjustment protocol).”
Bitcoin is just not the one cryptocurrency with a looming block reward discount, with considerations extending to how the hash fee underpinning the Bitcoin Gold (BTG), Bitcoin Diamond (BCD), Zcash (ZEC), and ZCoin (XZC) shall be impacted the tasks’ respective upcoming halvings.
Whereas Bitcoin SV (BSV) halved previously 12 hours, the community doesn’t seem to have suffered a loss in hash fee.