BCH Hashrate Spike, Anonymous Miner Controlled >90% of Network

IconCryptoNewsTerminal Staff05 Jul, 2024

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BCH Hashrate Spike, Anonymous Miner Controlled >90% of Network

The Bitcoin Cash (BCH) hashrate recently hit a yearly high of 9.4 EH/s. This sudden spike in hashrate led to an anonymous miner known as 'Phoenix' controlling over 90% of the network. According to data from CryptoSlate, the BCH hashrate experienced this surge between July 2 and 4 before dropping back to its yearly average of 3.3 EH/s. It is worth noting that Phoenix's hashrate share has since declined to 29%. Parker Merritt, a researcher at Coin Metrics, commented on the situation. He suggested that Phoenix could be related to the Abu Dhabi-listed Bitcoin mining company, the Phoenix Group. This group recently launched a BTC and BCH mining pool service. Merritt's view is that Phoenix's actions might be highlighting the risks of mining centralization. At the time of writing, BCH is trading at $323.36, having briefly dipped below $290 earlier today. This decline is part of a broader market weakness following the Mt. Gox repayments, which caused the BTC price to drop.

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