An unknown entity has gained 37% of Bitcoin Cash (BCH) blocks over the past seven days, reaching as high as 44% over a 24 hour period with it unclear who is this apparent new miner.
Very strangely, they sign their blocks with Satoshi Nakamoto, the bitcoin inventor. So perhaps giving a hint or maybe distracting.
Some suggest this could be Calvin Ayre who might be returning to BCH mining after he left to BSV following the November chain-split.
BSV’s hashrate has been falling from about 1.5 Petahashes per second in December to now circa 600 terahashes per second.
In contrast, the Bitcoin Cash hashrate has been rising since December from below 1 PH/s to now above 2.4 Petahashes.
That’s still quite a bit lower than the circa 5 Petahashes prior to the chain-split, but BCH has been seeing a recovery while BSV has been falling.
Some suggest that the coming May 15th upgrade to add Schnorr Signatures could perhaps have something to do with this new miner.
The suggestion being that someone is perhaps trying to cause trouble again, but it is more probable that BCH has simply become more profitable to mine.
It is currently 1.50% more profitable to mine on Bitcoin Cash than BTC, but both are now apparently back in green as far as mining costs are concerned at 5 cent per kilowatt.
An unknown miner showed up in bitcoin too recently for a few weeks before presumably they distributed the hash to known pools.
In BCH we might be seeing an echo of it as new mining farms are opened in China to take advantage of the wet season.
Industrial mining has reached the stage where usually they have their own power stations which preferably run on water. Wet season means a lot of water, thus presumably cheaper power, hence lower mining costs and higher profits.
Thus this unknown miner might be more of a sign of a return of confidence in BCH, rather than worry, but we’ll see.