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Title    Single Bitcoin Mining Pool Achieves Majority Power
Date    Monday June 16 2014, @11:55AM
Author    martyb
Topic   
from the mine!-mine!-mine! dept.
https://soylentnews.org/article.pl?sid=14/06/16/0312256

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?

Links

  1. "lubricus" - https://soylentnews.org/~lubricus/
  2. " have been known for some time," - http://bitcoin.stackexchange.com/questions/658/what-can-an-attacker-with-51-of-hash-power-do
  3. "GHash" - https://ghash.io/
  4. "delivered 51% of the bitcoin network hashing power," - http://arstechnica.com/security/2014/06/bitcoin-security-guarantee-shattered-by-anonymous-miner-with-51-network-power/
  5. " promises that they would never cross the 50% threshold." - https://ghash.io/ghashio_press_release.pdf

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printed from SoylentNews, Single Bitcoin Mining Pool Achieves Majority Power on 2022-12-09 06:45:40