An unknown bcash miner apparently now controls 50% of its hash rate.
…, on average, there should be 6 blocks/hour found. However, with this entity finding 24 blocks in a 2-hour time span, it is not only beating out the entire network, its pretty much ‘broken’ the retargeting algorithm for $BCH. This is not good.
It is strongly recommended that users avoid transacting on or with $BCH at any and all costs until this issue is resolved.’
The current BCH hash rate oscillation looks like a death spiral
The current oscillation in hash power looks like a death spiral. What you are seeing is one or more miners/pools only mining when difficulty is low, and then turning off or mining another chain when difficulty increases in response to their mining. This leads to significantly increased block times when the difficulty is high and the miners are elsewhere and useless ridiculously fast block times when difficulty is low and they return. The periods of higher difficulty form a reinforcing disincentive for other miners to continue mining during those periods. This is what we call a feedback loop.
Time To Admit That Bitcoin Cash Has Failed.
Bitcoin Cash was launched in a blaze of glory in late 2017, promising to fix the scalability problems with Bitcoin. Two years on, its time to look critically at that claim. At best Bitcoin Cash is a halfway house that’s nowhere near as popular as a store of value as Bitcoin. In May, one user reported, that many transactions of Bcash were spam, a single address was responsible for more than half transactions. It also has security issues. Blockstream’s mining capability has about three times more hash power than the entire BCH network, which means it could effectively take over the network if it desired. The price of Bcash at it’s al time high was ~4,300$, now it struggles at 200$.