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‘Satoshi Nakamoto’ is Mining Over 40% of Bitcoin Cash, Sparking Fears of 51% Attack

P. H. Madore

By CCN.com: According to blockchain data and CCN/Hacked reporter Greg Thomson, an anonymous miner who embeds the words “Satoshi Nakamoto” into all of the blocks they mine currently controls more than 40% of Bitcoin Cash’s hashrate.

Satoshi Nakamoto is killing it in Bitcoin Cash mining

There are multiple running theories as to the intent behind amassing so much hashpower, beyond the pure profit motive of mining Bitcoin Cash. Mining Bitcoin Cash is generally a profitable endeavor, despite reduced transaction fees that are accrued on the more spacious chain. There is less competition, which means miners with significant investment earn more BCH.

Each theory has its merits. Some are conspiratorial, with BCH supporters believing that either Craig Wright and Bitcoin miners are working against Bitcoin Cash. One theory says that Wright and Coingeek, Calvin Ayre’s crypto operation which sports a mining pool and what can only be described as a propaganda outlet, are trying to amass a ton of BCH in order to dump it for Bitcoin SV, the effect being a drop in the price of Bitcoin Cash and a rise in the price of Bitcoin SV.

Many blocks have popped up with the “Satoshi Nakamoto” coinbase text. No one has stepped forward to declare themselves the miner of these blocks.

Satoshi Nakomoto Bitcoin Cash

All the highlighted Coinbase texts denote blocks mined by the unknown Satoshi Nakamoto miner. Source: Coin.dance

Who are you, BoomBoomBoom Satoshi Nakamoto?

Another theory posits that Bitcoin miners might want to intentionally slow down the Bitcoin network to raise transaction fees. This theory, of all of them, has perhaps the least sense to it. A severe hashrate decrease would have to happen on Bitcoin, coinciding with a corresponding hash rate increase on Bitcoin Cash.

However, the Bitcoin hashrate hasn’t dropped significantly.

Read the full story on CCN.com.