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Single Bitcoin Mining Pool Achieves Majority Power

posted by martyb on Monday June 16 2014, @11:55AM   Printer-friendly
from the mine!-mine!-mine! dept.

lubricus writes:

Fears and warnings about the consequences of a single entity obtaining majority network power have been known for some time, but have generally been dismissed as not conveying enough control to be worthwhile.

For the first time, and for several extended periods, the GHash mining pool delivered 51% of the bitcoin network hashing power, despite promises that they would never cross the 50% threshold.

Although GHash did not take advantage of its monopoly power during these times, it does seem that we have crossed a threshold. How do you trust the blockchain to an anonymous monopoly?

 
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  • (Score: 3, Informative) by tynin on Monday June 16 2014, @03:36PM

    by tynin (2013) on Monday June 16 2014, @03:36PM (#55950) Journal

    Looks like ghash.io is around ~32% given the last few hours of blockchain stats. I'm glad to see miners acting in the protocols best interest and pointing their hashies someplace else.

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