Bitcoin Cash Hash Rate Drops By 37 Percent in One Day

Bitcoin Cash (BCH), the third largest crypto in the world, has suffered from an enormous drop in hash rate over last 24 hours, making a widely feared 51% attack a reality

Fri, 7/09/2018 - 15:05

Bitcoin Cash Hash Rate Drops By 37 Percent in One Day

Cover image via U.Today

Read U.TODAY on

Google News

Bitcoin Cash (BCH), the third largest cryptocurrency in the world, has suffered from an enormous drop in hash rate over the last 24 hours, making a widely feared 51 percent attack a reality. After plunging by 36 percent in a single day, the BCH current hash rate is sitting at 3.372 Ehash/s.

On Sept. 3, Blockstream's Warren Togami addressed the issue, claiming that Bitcoin Cash is facing the risk of double spending because of its low hash rate.

Update: BCH now below 8% hashrate relative to BTC. https://t.co/HBR2tXyDh8
Real risk of double-spend causing exchange insolvency.
* 6 hours and 20 confs wasn't enough to protect against the BTG exchange theft.
* Vulnerable to single persons, intentionally or via hacked pool. https://t.co/lwsmne0YQE
— Warren Togami (@wtogami) September 4, 2018

At the same time, Bitcoin’s hash rate has increased by 10 percent. 6.6 percent of the BTC hash rate is required for the aforementioned attack.

#Bitcoin

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.