Bitcoin Cash (CRYPTO:BCH) network has experienced a significant surge in hashrate, reaching over 10 EH/s due to the actions of the new miner Phoenix (CRYPTO:PHB).

Phoenix processed 88% of all blocks mined on June 3, capturing a substantial portion of the BCH mining subsidy.

This unusual activity has sparked speculation and concern within the BCH community about potential motives, including a possible attack or preparation for significant market events like the Mt. Gox coin release.

The community is also worried about the impact on other miners who may need to shift to BTC to remain profitable.

Bitcoin Cash Podcast highlighted that the price might need to rise to reflect the increased hashrate confidence.

The last similar hashrate increase in March was followed by a price rise to approximately $700.