Bitcoin Cash is at risk of 51% attack, and investors continue to accumulate ETH


The Bitcoin Cash network lost 30% of hashrate after bitcoin halving — this makes it vulnerable to 51% attack, according to Yassin Elmanjra, analyst at ARK Invest.

“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, ” Yassin tweeted.

He added that he was surprised why the capture of 51% of the cryptocurrency capacities has not yet been implemented. According to the crypto51 service, the cost of such an attack is $8,800 per hour.

On May 24, two records were updated in the ETH network: the number of addresses containing 100 or more coins reached 47,740, and the number of wallets with one or more ETH exceeded 1,042 million.

Glassnode service drew attention to these statistics. Earlier, the Grayscale fund, having bought almost half of all coins mined in 2020, reported the growth in popularity of investments in Ethereum. The clients of the fund are institutional investors who invest in securities tied to cryptocurrency.

According to analysts, market participants expect a strengthening of the coin value after the launch of the Ethereum 2.0 network, scheduled for Q3 of this year.

Hard times have come for mining equipment manufacturers. The Chinese company Canaan said it suffered $5.6 million losses in Q1. Revenue for this period amounted to $9.4 million — for comparison, in Q4of 2019, the indicator reached $66.5 million.

The company’s expenses in the first quarter of 2020 exceeded $15 million, which is associated with a two-fold reduction in equipment prices.

“The overall market situation since December last year until January had not been too good. So the unit price per TH/s was indeed lower,” said Nangeng Zhang, CEO of the company.

According to the F2Pool mining calculator, Canaan devices are significantly inferior in efficiency to the equipment of Bitmain and MicroBT.

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