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Learning & News => News related to Crypto => Topic started by: sirty143 on July 05, 2024, 07:05:04 AM

Title: Phoenix BCH Miner Elevates Hashrate to New Highs, Raising Concerns
Post by: sirty143 on July 05, 2024, 07:05:04 AM

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

The rise in hashrate allocated by unknown miner Phoenix to the BCH network has raised questions about the true motives of this action. Phoenix took BCH’s hashrate to over 10 EH/s, processing a relevant part of all the blocks and receiving the correspondent subsidy... See more for yourself here (https://news.bitcoin.com/phoenix-bch-miner-elevates-hashrate-to-new-highs-raising-concerns-within-the-community/).

Your opinion is greatly appreciated.

Title: Re: Phoenix BCH Miner Elevates Hashrate to New Highs, Raising Concerns
Post by: TomPluz on July 10, 2024, 05:24:00 AM

The BCH community is raising the alarm as they are concerned that this can lead to an attack but others speculate that this is just positioning for the possibility of BCH rise in price in the market. Well, the thing is that only the people of Phoenix can really answer why this is so and maybe they should be contacting the mining firm for official comments on this development. I am not a fan of BCH and I don't own any of their coin and it is good to see BCH still landing on the news these days when it is getting to be irrelevant.

Title: Re: Phoenix BCH Miner Elevates Hashrate to New Highs, Raising Concerns
Post by: joniboini on July 10, 2024, 09:00:24 AM

If they attacked the network, maybe they would do another fork and move to the new chain to render the old coins useless. Then again it won't stop them from mine on the new chain. I believe the motive is likely to make a profit from hoarding BCH instead of attacking the network unless the person behind this is related to the government or something similar. On the other hand, wouldn't this also means that there are a lack of big miners/pools on the BCH network if someone can singlehandedly increase the difficulty/hashrate three times in a short amount of time? CMIIW.

Title: Re: Phoenix BCH Miner Elevates Hashrate to New Highs, Raising Concerns
Post by: hugeblack on July 10, 2024, 09:42:35 AM

With BCH Hashrate: 3.06 EH/s compared to 666.70 EH/s for Bitcoin, the probability of carrying out an attack is 51%. Therefore, increasing confirmations is necessary. Otherwise, one or even 6 confirmations will not be enough, but such attacks will be destructive because the return from them is very limited compared to the number of blocks.

Title: Re: Phoenix BCH Miner Elevates Hashrate to New Highs, Raising Concerns
Post by: ABCbits on July 11, 2024, 11:56:04 AM

Both speculation stated on the news sound unlikely to me.
1. Buying BCH is cheaper than mining it, unless they happen to own efficient ASIC and low electricity price.
2. Attacking the network doesn't make sense financially, since it's likely the attacker will also lose money. Exchange these days also aware of double-spend attack.

Title: Re: Phoenix BCH Miner Elevates Hashrate to New Highs, Raising Concerns
Post by: Captain Corporate on July 11, 2024, 06:13:50 PM

To be fair, how many people are left in the world that still cares about BCH? That thing was a "story" a few years ago, like back in 2018 I think, between Roger Ver and Craig Wright some stuff happened, Jihan Wu also stayed strong as well with Roger, and that was it. Do we still care about it? These guys might as well take over the whole thing and I still wouldn't care. It was always known that it was a terrible one and yet people still cared for a while, why would you want to invest into something so centralized? This means that we are going to see it grow to a new low, and we should be happy that its getting lower and lower.

Title: Re: Phoenix BCH Miner Elevates Hashrate to New Highs, Raising Concerns
Post by: NotATether on July 12, 2024, 02:52:19 PM

Sounds like this is a classic 51% attack - or in this case, an 88% attack.

Well, good luck find the miner and blacklisting them, if they can even do that.

I know Bitcoin Cash has added new stuff to it's system like RPC calls, but I don't know if it has any sort of capacity to do what I just wrote.

I wonder how we have not heard of re-orgs happening up to now.

Title: Re: Phoenix BCH Miner Elevates Hashrate to New Highs, Raising Concerns
Post by: Stompix on July 12, 2024, 03:19:01 PM

There was no attack, there was no preparation for something it was simply an economic thing

- Bitcoin reward dipped and reward was much lower than BCH 4.5 cents vs 5.6 cents on average
- Bitcoin was about to adjust difficulty BCH was not
- Phoenix pointed around 4exahash against it, not 10, that's not confined by block time and it did so until the reward per th/s adjusted, it actually dropped to 3 cents at the end (but because of faster blocks than usual it stayed above 4)

Nobody would attack a coin by mining on the right chain, if they wanted to they would have produced the blocks in secret!

Trivia thing:
The total BCH reward is around 1 million a day, so exactly how much BTC miners get only from fees!  ;)
Connect the dots!