Bitcoin Cash & Bitcoin SV Halving Next Week to Put Selling Pressure on Bitcoin as Well

  • Bitcoin Cash (BCH) and Bitcoin SV (BSV) halvings to “drastically” expose them to potential 51% attacks
  • A cycle of decreased profit margins, increased selling, capitulation, and a culling of the least efficient miners to take place

Crypto community is excited about the Bitcoin reward halving next month but interestingly bitcoin forks’ halving is here.

Bitcoin Core’s (BTC) fork Bitcoin Cash (BCH) and the latter’s fork Bitcoin SV (BSV) will go through their respective block reward halving on April 8 and April 9 next week.

Meanwhile, Bitcoin Cash has laid off 50% of its employees just days before its halving.

More Miners will Turn to Bitcoin

Both these Bitcoin’s forks will have their halving one month prior to bitcoin because of the very rapid block generation in Bitcoin Cash which started right after its fork in August 2017. However, the block production rate was later normalized with an update of the difficulty adjustment algorithm.

Now, these early halvings might have a “dramatic effect” on both BCH and BSV’s hash rate, according to Arcane Research. Currently, a vast majority of this hash rate share (94.8%) belongs to the world’s leading cryptocurrency and both BCH and BSV have a meager less than 3% share.

Source: Arcane Research

The halving event could be expected to have at least a temporary halving of the hash rate as the miners switch to mine BTC because mining Bitcoin will be more profitable than BCH and BSV.

Both the forks can capture the share only if their price or fees increases drastically or hash rate halves.

A decline in hash rate means both Bitcoin Cash and Bitcoin SV will be “drastically” more exposed for potential 51% attacks.

Things could change when Bitcoin halving occurs in mid-May, however, the effect on BTC would be “minuscule” because it already accounts for almost 95% of SHA-256 hash rate.

Selling Pressure for All Three

In its latest report, Coin Metrics also discusses the effect of halving and that,

“miners are a continuous and significant source of selling pressure that has a pro-cyclical impact on prices.”

Miner-led selling pressure for all three of the cryptocurrencies is currently high which is only expected to increase further as all of them undergo their halvings. This is because all three assets share the same SHA-256 mining algorithm and miners can “seamlessly” redirect their hash power to the digital asset that provides the highest return.

BCH and BSV halving will force miners to direct more hash power to Bitcoin which is expected to increase the difficulty and further squeeze profit miners for all miners. Coin Metrics states,

“We expect miners to follow a cycle of decreased profit margins, increased selling, capitulation, and a culling of the least efficient miners from the network.

Once this cycle is complete, the miner industry should return to a healthier state that is supportive of future price increases.”

At the time of writing, Bitcoin (BTC) has been trading at $6,750 BTC -0.61, Bitcoin Cash (BCH) at $235 BCH -2.65, and Bitcoin SV (BSV) at $177 BSV -1.86.

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Author: Bitcoin Exchange Guide News Team

Researchers Exploit Canon DSLR Camera and Demand Bitcoin Ransomware in Latest Hack Attack

Cybersecurity researchers are always looking for flawed systems in order to expose vulnerabilities. The latest effort was made by a group of researchers who hacked a Canon EOS 80D DSLR camera in order to test a ransomware scheme.

The researchers from Check Point Research used the Picture Transfer Protocol (PTP) of the camera in order to exploit the system and hold all the photos away from the user. PTP services are generally used to transfer images and can be exploited in order to prevent the user from doing it.

Many new cameras have it as you can transfer photos using WiFi instead of a USB device, but this opens up a breach that hackers can you to take your photos and then ask ransomware for them if you ever want to have them back.

If a hacker is able to put malicious code into the camera, he can take control of the pictures and then demand ransomware. During their tests, the researchers discovered a way of doing it to encrypt the storage systems of the device.

After that, they could contact the victims and offer the keys to decrypt the camera’s files in exchange for money.

The researchers affirmed that hackers have achieved a moderate level of success with this kind of threat, especially by targetting photographers and other people who rely a lot on photos.

Canon developers were warned about the vulnerability this year, so they patched it up before Check Point Research made it public. Because of this, at the moment, the hack is not supposed to work on any kind of model in the market.

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Author: Gabriel Machado