Bitcoin Cash Hash Rate Hits New High for the Year

According to the data, the Bitcoin Cash network hash rate spiked dramatically between July 2 and July 4, rising from 3.6 EH/s to an annual high of 9.4 EH/s, before falling back to a weekly average of 3.3 EH/s at press time. The Bitcoin Cash Podcast attributed the surge to a new miner named "Phoenix," which captured most of the new BCH output. The miner has captured the majority of the new BCH output, with data showing that it has mined around 90% of the blocks over the past two days, although its dominance has now dropped to 29%.