Tuesday, October 19, 2021

Hong Kong Hostel Has Mined 75% of Bitcoin Cash so Far as a Joke

Hong Kong Hostel Has Mined 75% of Bitcoin Cash so Far as a Joke

The Bitcoin Cash ‘Mystery Miner’ has revealed himself, and it turns out he was only doing it to advertise his Hostel and Bitcoin Center.

Also read: Bitcoiners Worried as Poloniex Changes Terms of Service After Hard Fork

Today has been abuzz with news of the Bitcoin hard fork, and the emergence of an altcoin called Bitcoin Cash. ViaBTC was supposed to be the majority pool when Bitcoin Cash went live yesterday, but an unnamed miner quickly usurped that position, to everyone’s surprise.

The more observant of those following the issue noted that the blocks mined by that faceless majority shared a phrase in their coin base that parses like an address.

Hostel Owner Mining BCC ‘Just for Fun’: Just Miner Things

Exterior of Genesis Block Bitcoin Center

That address links Bitcoin Cash’s majority hash power to Wincent Hung, Bitcoiner and Proprietor of Check Inn, an upscale hostel in the Wan Chai district of Hong Kong. We reached out to him for comment, and he confirmed that he and his friends are mining three-quarters of the blocks on the Bitcoin cash chain.

When asked about his motivations in doing so, he replied:

“We mine that just for fun … to promote the new trading center. And to promote Hong Kong”

Wincent is building and opening a Bitcoin education and trading center, named “Genesis Block,” adjacent to his hostel. He was apparently mining Bitcoin Cash to promote the center’s grand opening in September. He feels strongly that Hong Kong isn’t savvy enough in cryptocurrency despite being a major financial center, and hopes to provide training and education to the community as well as a space to trade and conduct business.

Wincent also confirmed that he and his friends would be moving back to the main chain in short order.

Bitcoin Cash Is Still Small

This takeover of the Bitcoin Cash blockchain may have been an innocuous PR stunt, but it highlights just how fragile the new coin is.

Wincent and his friends only put around 300 petahash/s towards the BCC chain, and got 75% of the network for their trouble. Should an attacker with existing BTC hash power want to do the same, the investment needed would be trivial. The fledgling currency will need much more support if it wants to survive or remain prominent in any long term capacity.

What do you think about this PR stunt? Share your thoughts in the comments below.

Images via Wincent Hung

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