- Bitcoin Cash Network Hashrate Falls by Over 30%
- Analysts are Puzzled As the Network Remains Secure Despite Drop in Hashrate
- BCH Price Starts Recovering After Bearish Fall
Bitcoin Cash News Today – Bitcoin Cash is in the same category as Ripple XRP when it comes to the most controversial tokens in the cryptocurrency industry. From fights within its developer’s community to lack of consensus, there has been a lot of scandal surrounding this token. Last month, the Bitcoin Cash halving event saw the price of the token fall significantly as investors started engaging in panic selling. However, the price of the token wasn’t the only thing that fell. The Bitcoin Cash halving rate also took a major hit right after the halving event.
Bitcoin Cash BCH News Today – Bitcoin Cash Halving Rate Falls by More Than 30% But Network Integrity is Not Compromised
Everyone in the cryptocurrency community knows that it is the hash rate that promotes security in the network. That’s why consolidation attacks are more common on small blockchain networks compared to large ones. ARK Invest’s crypto analyst, Yassine Elmandjra, on the 24th of May, commented on the drop in the Bitcoin Cash hash rate. Taking to Twitter, the investor said the Bitcoin Cash BCH network has lost 30% of its total computing power since the Bitcoin Cash halving took place in April. More importantly, he said that the drop in hash rate should have left the network vulnerable to attack but nothing bad seems to have happened since then.
In the tweet, Elmandjra said that the Bitcoin Cash network is surprisingly healthy. In his words;
“-Hashrate down 30% since halving (& only accounts for ~2% of SHA256 hash)
-Economic throughput at all-time lows
-Fees are .05% of miner rev (<$100/day)
-Theoretical 51% attack costs <$10k/hr
Surprised we haven’t seen a large scale attack yet”
According to his post, a mining pool will need to spend only $10,000 daily to complete a 51% network consolidation attack on the Bitcoin Cash network at its current state. It is important to note that the price and hash rate aren’t the only things that have been plunging since the halving. The daily trading volume of BCH has also maintained a steady decline since April and had fallen by 25% at the time of writing. The network has also become extremely slow since miners have been leaving because of the halving.
Bitcoin Cash (BCH) Price Today – BCH / USD
In other news, the price of the Bitcoin Cash BCH token has been struggling to recover since the halving. While the token often follows Bitcoin’s lead in the market, it is still more than 80% below its all-time high as most cryptocurrencies are at this time. At the time of writing, the token was up by over 2% but still trading at $233.90. It is trading red against the USD and is down by 0.46%.