The Bitcoin Cash halving this week led to a 73% drop in the network hash rate in just two days. At the same time, the cost of a 51% attack on the fifth most capitalized cryptocurrency dropped to $ 4250 per hour as of 10:34 p.m. (UTC) on April 9, reports Longhash.
— Benjamin Celermajer (@CelermajerB) April 10, 2020
The Bitcoin Cash halving forced miners to switch capacities to produce more profitable coins, sending the network hash rate to a free fall.
In a short time, the index fell from 4 TH/s to less than 1 TH/s, which was last observed in November 2018 after a hard fork, resulting in the formation of the Bitcoin SV network.
The complexity of mining Bitcoin Cash has also decreased: as a result of the latest recount, this indicator almost halved – from 528 billion on April 8 to 269 billion.
Hence, the cost of a 51% attack fell: at a certain moment in the evening, April 9, its realization, according to Crypto51, cost only $ 4250. For comparison, the same indicator for the Ethereum network is 21 times higher, the Bitcoin network (BTC) is 144 times higher.
At the time of publication, the cost of a 51% attack on the Bitcoin Cash network is about $ 10,700 per hour. However, the Nice Hash capacity marketplace, which data is aggregated by Crypto51, currently offers only 13% of free resources for carrying out such an attack.