A single entity often controls more than half of all Bitcoin mining

[Shawn Knight]

Bitcoin has reached yet another milestone. Unfortunately, it's one that could pose a major security risk. Researchers from Cornell University have discovered that for the first time in the cryptocurrency's five-year history, a single entity has - on multiple occasions - been...

[newwindow="https://www.techspot.com/news/57119-a-single-entity-often-controls-more-than-half-of-all-bitcoin-mining.html"]Read more[/newwindow]

 

[Ranger12]

It does seem entirely not in their interest to mess with the market in this way. If it came out that they had control over the market the value of bitcoins would crash tremendously and their investments would be worthless.

 

[Guest]

It is not a currency, it is an investment in the ethereal or tulips

 

[wastedkill]

The owner of GHash must be a rich mother by now... seriously rich...

 

[Guest]

If PC games became Linux only I would switch OS tomorrow.

 

[cliffordcooley]

If PC games became Linux only I would switch OS tomorrow.

I might agree with you, but how is that relevant to the topic?

 

[Guest]

Wrong thread, should have been the Microsrft e3 thread

 

[TheLastPanda]

I saw an article several days ago claiming that over one petahash/s controlled "bitfury" was pulled from Gigahash.io to prevent future problems. (http://www.coindesk.com/bitfury-pulls-power-ghash-community-uproar/) And the blockchain shows gh.io at 33% right now which is a far cry from a majority. Im more terrified that bitfury as a company proved it has a minimum of 1.5 Ph/s because they aren't an aggregate of hundreds of thousands of miners like most large pools but a single entity someone can control.

 

[SNGX1275]

I guess my understanding of the word "often" is different than Shawn Knight's.

 

[Camikazi]

I saw an article several days ago claiming that over one petahash/s controlled "bitfury" was pulled from Gigahash.io to prevent future problems. (http://www.coindesk.com/bitfury-pulls-power-ghash-community-uproar/) And the blockchain shows gh.io at 33% right now which is a far cry from a majority. Im more terrified that bitfury as a company proved it has a minimum of 1.5 Ph/s because they aren't an aggregate of hundreds of thousands of miners like most large pools but a single entity someone can control.

They said they will move additional petahashes as well so going by that they have a HUGE amount of mining power. If that one move dropped GHash about 15% or so and Bitfury can move even more they are a powerhouse considering the second highest pool controls 11% of the mining.