With the recent revelation that an unknown miner controls 50 percent of the Bitcoin Cash network, there has been concern about the security of the network since the risk of 50 percent attack has become a disturbing reality for the network.
Compounding issues is the fact that the BCH hashrate has not increased significantly especially in comparison with that of Bitcoin which has soared. This has led to the realization that miners have been leaving the network creating more loopholes for a potential attack on the BCH network.
A long-term miner, Checksum O. Zero in a tweet stated that the number of miners that have the potential of attacking the network have increased ten-fold. The fact that miners from the Bitcoin pool also have the mining power to launch such attacks should be a cause for concern for supporters of Bitcoin Cash.
Checksum claimed that he could count up to 20 miners with the capacity to launch a 51 percent attack on the weakened network adding that every Bitcoin pool could do that if they wanted to.
The one unknown miner who currently dominates the BCH blockchain succeeded in finding 24 blocks in 3 hours effectively breaking the network. A blockchain specialist, Hash.fail suggested that,
“It is strongly recommended that users *avoid transacting on or with $BCH at any and all costs* until this issue is resolved.”
It is plausible that miners have already noticed the weakness in the security or profitability of securing the network prompting them to pull out their support for it.
6a/ $BCH has a different retargeting algorithm than $BTC (diff formula), but they are both still designed to manufacture adjusting difficulties that target a consistent 10-minute block time.— Cryptomedication (@librehash) October 26, 2019
Thus, on average, there should be 6 blocks/hour found.
In comparison with Bitcoin hashrate, Bitcoin Cash has barely increased at a time that of Bitcoin increased by a factor of 10. It was reported that even when blocks are mined on the BCH blockchain, they’re sometimes not filled. An example is a recently mined block that produced just 2.4 MB instead of the usual 32 MB. That it took 3 hours to mine it instead of 10 minutes speaks volumes of the security challenges facing the network.
What is the solution to the dearth of hashpower on the BCH network? Send in your suggestions in the comment box below.