While the entire cryptocurrency market focuses on Bitcoin (BTC) block reward halving, Bitcoin Cash is known to have experienced a halt before this. Although there was a significant increase in price until BCH was Halving, it was seen that after Halving took place, miners had escaped from the network at a frightening rate.
Bitcoin Cash Network Is On The Verge Of The Cliff
Experts claimed that after Bitcoin Cash Halving, miners switched to the Bitcoin network that had not yet experienced block prize halves, and emphasized that this would improve after BTC Halving. However, after Bitcoin Halving, there was not a big change in the number of miners in the BCH network.
Based on the information that Yassine Elmandjra conveyed, the hash rate of the Bitcoin Cash network has decreased by 30% since BCH Halving. This has left the network quite defensive, and now it can theoretically spend $ 10,000 an hour and rent the necessary mining hardware, attacking the Bitcoin Cash network with a 51% attack.
Bitcoin Cash is not looking healthy:
-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
— Yassine Elmandjra (@yassineARK) May 23, 2020