BCH – single cryptomining pool is in control of half the hashrate

BCH – single cryptomining pool is in control of half the hashrate
Jan 3, 2019 by Rico Wise

The digital currency stats service discovered that BTC.TOP cryptomining pool, a Chinese private entity, has overtaken over 50 percent of the whole BCH network. It accounted for 679 PH/sec versus other big contenders, such as BTC.com, ViaBTC, AntPool, and Bitcoin.com, with 257 PH/sec, 215 PH/sec, 125 PH/sec, and 187 PH/sec respectively.

The significant growth might have occurred because of the variance, but also it poses a threat to the BCH blockchain with a possibility of 51 percent attack scenario. The project led by Roger Ver has encountered a lot of criticism prior to failing the so-called ‘stress test’ performed with help of Bitpico. According to the test findings, as much as 98 percent of the entire BCH nodes were located on the same server rack, which provided for an exposure of the currency to seizures and threats of security breaches.

The cornerstone aspect of any decentralized blockchain startup is its capability of securing the system from centralize supervision. At worst, unlawful cryptomining entities might join their hashrate output to create a stable coalition. It might cause transaction confirmation prevention, and even as much as reverse the transactions that were already confirmed or make double-spend transactions via establishing a new chain or by modifying old blocks.

BTC.TOP might do something from GHash.io’s practice – release some part of its computing power to help BCH chain gain the trust back. In the event that it does not scale back, the cryptocurrency might encounter huge troubles as financiers’ bias cools down.