Phoenix BCH miners raise hash rate to new highs, raising concerns in the community

ChainCatcher news, according to Bitcoin.com, with the introduction of the new miner Phoenix, the BCH hash rate has increased nearly threefold. Phoenix processed 88% of the block mining on June 3, pushing the BCH network hash rate above 10 EH/s, setting a new historical high.

The Bitcoin Cash Podcast suggests that this may be due to miners intending to acquire BCH before a potential surge in the exchange from BTC to BCH (for example, the upcoming Mt. Gox).

Another perspective is that this could be preparation for an attack on the chain: a large influx of hash rate appearing on profitability is unusual—prices typically lead hash. Generally, an increase in hash rate indicates an attack > a decrease in hash rate, so allowing time for the BCH DAA can mitigate this situation. The sudden influx of hash rate may affect other miners, who will have to reallocate to BTC to maintain profitability, or the BCH price must rise. The Bitcoin Cash Podcast emphasizes, "At some point, the price will have to start rising to reflect the increased confidence in the hash rate."