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— Warren Togami (@wtogami) September 4, 2018
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
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.