Report : Is 'Satoshi Nakamoto' Really Mining Bitcoin Cash [BCH] - BCH Attack Imminent?

Report : Is 'Satoshi Nakamoto' Really Mining Bitcoin Cash [BCH] - BCH Attack Imminent?

2019-05-02 | Eddy Morgan

Report : Is 'Satoshi Nakamoto' Really Mining Bitcoin Cash [BCH] - BCH Attack Imminent?

For the ongoing past few weeks, an anonymous miner using the name of ‘Satoshi Nakamoto’ has been majorly mining cryptocurrency again – and this time its not Bitcoin [BTC], its Bitcoin Cash [BCH].

Moreover, this anonymous individual behind the name ‘Satoshi’ is presently controlling near by around 40% of the total Bitcoin Cash [BCH] hashrate, as per data provided by 'Coin Dance'. This increasing proportion of hashrate in control now, was around 35% roughly just a week ago.

While some have predicted this could be the beginning of  an another chapter of the 'hashwars' - which is a conflict that began last year after the Bitcoin Cash/Bitcoin SV hard-fork. This theory suggests that the ‘Satoshi Nakamoto’ is presently 'mining' BCH is in 'reality' Bitcoin SV [BSV] cheerleader and well known ‘Faketoshi’, Craig S. Wright.

Increasing Bitcoin Cash [BCH] Mining Hash-Rate

Just around a week earlier, an anonymous miner using the name ‘Satoshi Nakamoto’ started hogging over 35% of the total BCH hashrate. By Monday morning their total mining dominance on the BCH blockchain increased as high as 44%.

When a miner acquires over 50% of a blockchain’s hashrate, they are able to launch double-spend attacks - primarily stealing Bitcoin Cash [BCH] coins.

Is Satoshi Nakamoto Really Mining Bitcoin Cash [BCH] - BCH Attack Imminent?

However the first suspicion without any doubt. fell on self-proclaimed Satoshi Nakamoto, ‘Craig S. Wright’, and his Bitcoin SV [BSV] cohorts: Calvin Ayre & CoinGeek. One individual on the Bitcoin Cash 'subreddit' posted that the BSV team were attempting to manipulate the price of Bitcoin Cash [BCH].

Adding further, he added:

“I’m willing to bet that it’s hashpower ran by Coingeek et ell that is attempting to pull-in the same trick as earlier: initially amass BCH by 'mining' it over and over again, then make an attempt to “flip” it with the state-friendly BSV by exchanging all the mined coins straight away for BSV, thereby triggering a crash within the price of Bitcoin Cash [BCH] while attracting more money from speculators into BSV.”

This anonymous miner primarily appeared a week earlier beneath the name ‘BoomBoomBoom’, as mentioned within his 'reddit post'. There’s however, no way to prove that ‘BoomBoomBoom’ and ‘Satoshi Nakamoto’ are the same, but one disappeared once the other appeared, and the probability of 2 anonymous miners suddenly hogging the hashrate within days of each another appears a little unlikely.

Is Satoshi Nakamoto Really Mining Bitcoin Cash [BCH] - BCH Attack Imminent?

Possibilities Of Attack’s Within The Future

Earlier in Nov. last year, during the hard fork of Bitcoin Cash [BCH], the BCH blockchain was altered to shield against such possible attacks from the Bitcoin SV [BSV] team. Referred to as ‘Re-org Protection’, it stops attackers from reorganizing the blockchain and making a new 'illegitimate chain'.

With re-org protection implemented, the chances of attack doesn’t appear to be possible at this instant. That said, there’s still an opportunity that little, disruptive attacks might be launched with the aim of destabilizing the Bitcoin Cash [BCH] area. An another redditor, discussing this situation, added:

“My guess is that they would select a minor re-org [might be 6 blocks] to assert that BCH is not any better than BSV, even supposing they self-inflicted their re-org. They’d be doing this for just putting-on a show, for bad PR against BCH, unless they’re actually mining to sustain their BSV operations.”

What More Can This Affect?

An another theory suggests former Bitcoin [BTC] miners are determined to ‘game’ Bitcoin transaction fees by abandoning 'mining' operations and lately raising fees. The miners would then shift towards Bitcoin [BTC] at an opportune moment, and collect all of the high-fee transactions that had been accumulated.

On the another hand, an other theory suggests that this ‘Satoshi Nakamoto’ is truly a Bitcoin Cash [BCH] supporter intentionally trying to increase the transaction fees. However,  this theory seemed to be true at some point of time when ‘Satoshi’ began mining, and BTC 'fees' went elevated but since then the Bitcoin [BTC] fees have really fallen by over 60 percent.

Is Satoshi Nakamoto Really Mining Bitcoin Cash [BCH] - BCH Attack Imminent?

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