Impending Attack Looms As ‘Satoshi Nakamoto’ Miner Gets Hold of 40% of BCH Hashrate

Impending Attack Looms As ‘Satoshi Nakamoto’ Miner Gets Hold of 40% of BCH Hashrate
Impending Attack Looms As ‘Satoshi Nakamoto’ Miner Gets Hold of 40% of BCH Hashrate
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In the past few days, an unknown miner who goes by the name ‘Satoshi Nakamoto’ has been mining on a shocking scale and his focus is on Bitcoin Cash.

The name Satoshi Nakamoto has been involved in a lot of things, but it is like it is a magnet for devious elements. The information shows that this ‘Satoshi Nakamoto’ is now in charge of almost 40% of Bitcoin Cash hashrate. As at last week, he had mined as much as 35%. Many of the users on Reddit have observed that this can lead to another series of the hashwars that commenced in November 2018. The clash started when Bitcoin SV broke off from the Bitcoin Cash system. The assumption within the Reddit community is that the person behind the name ‘Satoshi Nakamoto’ furiously mining BCH is none other than the Bitcoin SV leader, Craig Wright.

‘Satoshi Nakamoto’ Influences BCH Mining Network

About a week ago, a miner with the pseudonym ‘Satoshi Nakamoto’ commenced the mining of Bitcoin Cash scooping up a shocking 35% of hashrate. At the beginning of this week, the same person topped up the control level at an eye-popping 44%. In a situation where a miner manages to take charge of hashrate majority (which is 51%) on a blockchain, they can initiate devastating double-spending attacks.

The discussion was triggered on Reddit recently when a Redditor ‘u/money78’ published a screenshot. The screenshot was to warn the community regarding the alarming fraction of the BCH hashrate that is now under the control of ‘Satoshi Nakamoto’. In the post on Reddit, other users quickly reached the conclusion concerning the so-called ‘Satoshi Nakamoto’. They stated that the miner in question is none other than the person who has been claiming to be the real Nakamoto all along.

The target of this assumption is Dr. Craig Wright. Those who believe Wright is the unseen hand behind the grab for control have their reasons. They have accused him of trying to weaken Bitcoin Cash and that the price can take a plunge. They concluded that Wright’s agenda is driven by selfishness and plans to make money.

This trend was triggered by the moment another anonymous miner called ‘BoomBoomBoom’ became active last week. After that, he vanished and his position with the same hashrate, which has now ‘boomed’, was quickly taken up by ‘Satoshi Nakamoto’. Users on Reddit and others who want to buy Bitcoin Cash also noticed the trend and commenced spreading the note of warning, with some suggesting that ‘BoomBoomBoom’ and ‘Satoshi Nakamoto’ were working from the same source.

Considering the impending 51% attack that is expected to come into effect against Bitcoin Cash, the blockchain has received a defensive stance from re-org protection. This measure was taken to pre-empt any attempts from the Bitcoin SV group to launch attacks against BCH.

Forbes Claims to Have A Technique to Neutralize Craig Wright

Forbes came out with an article to detail a strategy that can be used to bring down Craig Wright. He is the one who claims to be the real founder of Bitcoin and is now accused of being the ‘Satoshi Nakamoto’ miner shaking up online trading.

About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.