Two miners have been reported to have performed a 51% attack on the bitcoin cash (BCH) blockchain. It is according to the tweets of 24th May by The Cryptoconomy Podcast host Guy Swann. A 51% attack happens when an individual handles the majority of the mining power on a Proof-of-Work blockchain network. It entails that the primary block verifier can hinder other users from mining and even reversing transactions.
51% attack on Bitcoin Cash Blockchain
1/ What I’ve gathered from loose details:
First, there was an unintentional split with the recent #BCH “upgrade.”
— Guy Swann⚡ (@TheCryptoconomy) May 24, 2019
While most persons have made assumptions that a 51% attack could only be carried out with malicious intent, it is different from this case. The action occurred as two mining pools tried to block an unidentified party from grabbing coins that because of a code update was essential “up for grabs.”
According to Guy Swann, two miners with the majority control of the network carried out the attack in an effort to halt an unidentified miner from taking coins. The two miners are BTC.top and BTC.com. The coins were to be sent to an “anyone can spend” address preceding the initial hard fork on May 2017. His tweet stated that when the unknown miner attempted to acquire coins themselves, https://BTC.TOP and https://BTC.COM viewed and without hesitant decided to re-organize those (transactions) TXs. It was in favor of their own transactions, spending similar P2SH coins plus numerous others. His tweet went further on noting that just 2 miners, in secrecy and without any trouble took it upon themselves to eradicate two blocks with another’s transactions and replace them with their own.
51% attack has normally been speculated as an unprofitable and undesirable choice to take funds. It is because it would need a huge amount of computing power. Moreover, immediately a network is viewed as being compromised, various users would ostensibly flee. BTC.top and BTC.com manage 43% of all the bitcoin cash mining pools. These are the statistics according to Coin.Dance.