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Phoenix BCH Miner Elevates Hashrate to New Highs, Raising Concerns Within the Community

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The rise in hashrate allotted by unknown miner Phoenix to the BCH community has raised questions in regards to the true motives of this motion. Phoenix took BCH’s hashrate to over 10 EH/s, processing a related a part of all of the blocks and receiving the correspondent subsidy over the past days, however the group warns this may be a preparation for an assault.

BCH Reaches Hashrate ATH, Phoenix Miner Hashrate Allocation Sparks Hypothesis

The Bitcoin Money (BCH) community has been taken by storm, as its hashrate has elevated nearly threefold with the introduction of a brand new miner, Phoenix. Phoenix processed 88% of all of the blocks mined on June 3, taking the BCH community hashrate to all-time excessive (ATH) numbers of over 10 EH/s, capturing a very good a part of all of the contemporary BCH mining subsidy.

Nonetheless, the bizarre nature of the state of affairs, particularly contemplating the current market downturn, has woke up issues within the Bitcoin Money group, on condition that there isn’t any obvious motive for this motion. The Bitcoin Money Podcast acknowledged that this may be spurred by the intention of a miner to acquire BCH earlier than an occasion that may spike exchanges from BTC to BCH, just like the upcoming Mt. Gox coin launch.

One other opinion touches on the likelihood that this may be a preparation for an assault on the chain. It acknowledged:

Massive quantities of hashrate showing in opposition to profitability is v uncommon – value normally leads hash. Typically a hashrate add assault > hashrate rug assault, so giving time for BCH DAA makes this much less possible.

This sudden influx of hashrate would possibly have an effect on different miners, who must reallocate to BTC to stay worthwhile, or the BCH value should rise. The Bitcoin Money Podcast pressured that “in some unspecified time in the future, the worth should begin mooning to replicate the elevated hashrate confidence.”

The final event when BCH hashrate rose equally was throughout March, and this conduct was adopted by a value improve that took BCH circa $700.

What do you concentrate on the BCH community hashrate improve and the involvement of Phoenix? Inform us within the feedback part under.

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