More than 35% of Bitcoin Cash [BCH] Hash Rate is Controlled by Two Mining Pools – Report

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More than 35% of Bitcoin Cash [BCH] Hash Rate is Controlled by Two Mining Pools – Report

The sentiments around Bitcoin Cash [BCH] have dampened in the market, with its lead proponent making ‘misogynist’ comments against the Twitter founder, Jack Dorsey and Lightning labs CEO, Elizabeth Stark.

The controversy was sparked by Roger’s comments indicating a romantic relationship between the Dorsey and Stark. Crypto-Twitter is outraged by the comment. Tuur Demeester, the founding partner at Adamant Capital, replied to comments saying,

This is blatant, fact-disregarding sexism.

Whalepanda, who went on to compel media outlets like Forbes and CNBC to stop providing publicity to the project. He went on to say that,

$BCH was created by 3 people: CSW, who forked off, Jihan Wu who was forced to leave his own company due to incompetence and Roger Ver who runs a website trying to defraud users. It’s only Roger left. Take some responsibility and stop supporting him

According to this update from coin.dace, more than 35% of the Bitcoin Cash’s [BTC] hash rate is controlled together by BTC.com and Bitcoin.com. These mining pools are owned by their lead proponents Jihan Wu and Roger respectively.

 

bch hash rate
Bitcoin Cash Hash Rate Distribution (Source)

Furthermore, Bitcoin Cash [BCH] was launched as a competitor to Bitcoin in 2017. However, currently, the total hash rate of Bitcoin Cash is only about 2.5% of the overall hash rate of Bitcoin [BTC]. Max Keizer, an investor, and financial broadcaster tweeted,

BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of it’s market cap is the product of manipulation that will be impossible to meaningfully sustain.

btcbch
BTC vs. BCH Hashrate Comparison (Source)

Price Analysis

Bitcoin [BCH] is trading at around $330 at press time. While the sentiments around it heavily subdued on Twitter, one analyst predicts a probable 150% rise in the cryptocurrency.

A 150% increase from here would necessarily drive the price to $825. Nevertheless, that is not the prevailing sentiment around the cryptocurrency. While DonAlt suggests a break-out w.r.t. BTC, another chart analyst, Mihir, suggests that BCH could quickly drop to support levels near $260 and $230.

bitcoin cash
BCH/USD Price Analysis (Source)

Where do you think Bitcoin Cash [BCH] is headed next? Please share your views with us.

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More than 35% of Bitcoin Cash [BCH] Hash Rate is Controlled by Two Mining Pools - Report
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More than 35% of Bitcoin Cash [BCH] Hash Rate is Controlled by Two Mining Pools - Report
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The sentiments around Bitcoin Cash [BCH] have dampened in the market, with its lead proponent making 'misogynist' comments against the Twitter founder, Jack Dorsey and Lightning labs CEO, Elizabeth Stark.
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Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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Nivesh Rustgi 638 Articles

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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