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

Shawn Knight

Posts: 12,797   +124
Staff member
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

Posts: 625   +125
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.
 
G

Guest

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

TheLastPanda

Posts: 77   +10
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.
 

Camikazi

Posts: 982   +339
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.
 
  • Like
Reactions: TheLastPanda