Introduction of new miner Phoenix nearly triples BCH hash rate to a new all-time high

As ChainCatcher reports, the introduction of new miner Phoenix has nearly tripled the BCH hash rate. Phoenix processed 88% of mined blocks on June 3, pushing the BCH network hash rate to over 10 EH/s, a new all-time high. Bitcoin Cash Podcast suggests this could be due to miners intending to acquire BCH before a possible surge in conversions from BTC to BCH. Another view is that this could be preparation for an attack on the chain: it is unusual for large amounts of hash rate to appear in profitability - price usually leads hash. The sudden influx of hash rate could affect other miners, who would have to reallocate to BTC to remain profitable, or the BCH price would have to rise. Bitcoin Cash Podcast emphasizes that "at some point, the price will have to start rising to reflect the increased confidence in the hash rate."