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September 23, 2020
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Bitcoin Cash already has more than 80% drop in hashrate after halving

With hashrate plummeting, even Roger Ver abandoned mining Bitcoin Cash

The Bitcoin Cash situation is beginning to look hopeless, to say the least. After registering 3.9772 EH / s hashrate yesterday morning (08), BCH saw its mining power plummet. To give you an idea, while reducing this text, the BCH has only 748,7246 PH / s of computational power, a drop of more than 80% in less than two days.

Bitcoin Cash Hashrate Chart by: coinwarz.com

As if abandoning the network was not enough, even its main patron and defender, Roger Ver, seems to be leaving.

Second information from CryptoBriefing, Roger Ver abandoned almost entirely Bitcoin Cash mining, with his pool BTC.com decreasing its hashrate by 92%.

Now, BTC.com operated by Bitmain has managed to capture more than 51% of the network’s blocks, exposing BCH to a 51% attack. Other mining pools followed suit, leaving the security of the Bitcoin Cash mining network at several-year lows compared to Bitcoin.

mining bitcoin cash network

Data by: BTC.com

This situation is extremely serious, as explained in this text. Generally speaking, after the halving of Bitcoin Cash, the parent Bitcoin became almost 80% more profitable to mine than BCH.

This caused a massive exodus of miners. In a ripple effect, halving decreased the mining reward, which reduced earnings, reducing interest in mining the asset, which led miners to look for other, more profitable currencies. With less interest in mining, security drops, leaving the network vulnerable to a 51% attack.

What remains at that moment for Bitcoin Cash is to wait. Both to prevent an attack from occurring and to stop mining from falling until the parent Bitcoin and Bitcoin SV halvings occur.

After these two events it is possible to wait for a normalization in the Bitcoin Cash network. Until then, the last one to leave turns off the light.

Marcelo Roncate photo

Marcelo Roncate photo

The author: Marcelo Roncate

History student and trader since 2017. Technology enthusiast and cryptocurrency enthusiast, saw on WeBitcoin the opportunity to unite two passions.

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