In the field of digital currency, a sensational storm is quietly brewing. Recent news shows that Bitcoin Cash has suffered an unprecedented attack. Two mining pools have joined forces to control 51% of the computing power, causing shock to the entire market. This time, the transaction reversed, causing people to re-examine the future trend of digital currencies. Let’s delve into the details and implications behind this incident.

In the field of digital currency, maintaining a balanced distribution of computing power is crucial. However, a recent 51% attack on Bitcoin Cash completely overturned this balance. It is reported that the two mining pools jointly control more than half of the computing power, which means that they have the ability to tamper with transaction records and implement malicious behaviors such as double spending. This attack not only poses a threat to the network security of Bitcoin Cash, but also poses a serious challenge to the stability of the entire digital currency market.

Behind this attack lies a complex game of interests and competition for computing power. As an important participant in the digital currency network, mining pools control huge computing power resources. However, when two mining pools join forces and exceed the combined computing power of other mining pools, a threat to the network is formed. This kind of attack behavior is often accompanied by profit motivation. Once the attack is successful, the attacker will gain huge profits, while the network and users will suffer huge losses.

Faced with this situation, the digital currency community urgently needs to take action to prevent similar attacks from happening again. Technically, the possibility of attacks can be reduced by improving the security and attack resistance of the network. At the same time, the community also needs to strengthen supervision and regulation to limit the concentration of computing power in mining pools to avoid similar incidents from happening again. Only through the joint efforts of the whole society can the stability and security of the digital currency network be ensured.

This attack also triggered people's thinking about the future of digital currency. The development of digital currency is inseparable from a safe and stable network environment, and the occurrence of this attack once again reminds us that the digital currency field still faces many challenges and risks. Only by continuously strengthening technical research and improving network security can the long-term development and stability of digital currency be ensured. The future of digital currency is full of opportunities and challenges. We need to stay vigilant and respond together to go further.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Bitcoin Cash suffered a 51% attack after the hard fork upgrade. One source said that these transactions prevented miners from participating in mining, which can be called "poison" transactions. After Bitcoin Cash was hard forked, the attacker took advantage of the vulnerability in the update and added invalid transactions to the unprocessed transaction pool (MemPool). The attack paralyzed the Bitcoin Cash network for an hour and a half, and most miners were unable to participate in mining, while the remaining miners could only mine empty blocks.

Sources said that BTC.TOP chose to mine empty blocks to continue to earn income.

According to podcast host Guy Swann, most miners were offline at the time due to the attack, so BTC.TOP
controlled more than half of the total network computing power of Bitcoin Cash, which also enabled them to decide which blocks of transactions could continue on the BCH network.

During this period, BTC.TOP conducted a "non-consensus reorganization" with another dominant BTC.com mining pool.

Some claim that this move constitutes a 51% attack on the Bitcoin Cash blockchain.

Image source: BitMEX Research

The motivation for these measures is said to be to reclaim previously unspendable BCH. Previous updates to Bitcoin Cash made digital currencies sent to specific addresses unspendable, however, the hard fork on May 15th changed this rule:

According to the Bitcoin Cash team on GitHub, this upgrade will exempt these coins and return them to the state before they were locked, that is, any miner can take these coins and trade them.

Aaron Van Wirdum, technical editor of Bitcoin Magazine, said that an unidentified miner then tried to claim these previously unspendable coins.

When the unknown miner tried to claim these coins, the BTC.com and BTC.TOP mining pools immediately coordinated a 51% attack to return the coins to their original owners.

If confirmed, this could also be a major blow to Bitcoin Cash.

"This basically eliminates any view that Bitcoin Cash is 'decentralized, censorship-resistant money,'" said Guy Swann.

In general, the occurrence of the 51% attack on Bitcoin Cash has sounded the alarm to the digital currency market. This is not only a technical challenge, but also a profound reflection on the development of the entire digital currency field. Facing the uncertainty of the future, we need to remain vigilant, continue to innovate, and jointly promote the digital currency field towards a more secure, stable and sustainable development path. Only in this way can we meet the future challenges of digital currency and achieve the vigorous development of the digital economy.