GHash. IO Mining Pool Nears 51% of Network Hashing Power

GHash. IO Mining Pool Nears 51% of Network Hashing Power

Some disconcerting news this Thursday morning. Mining pool GHash. IO has grown potentially too large over the past couple of months, reaching 42% of total hashing power on the bitcoin network on Thursday. This put it uncomfortably close to the 51% hash power mark, which some argue is the Achilles heel of bitcoin and similar cryptocurrencies. A 51% attack would allow a specific mining pool to do a number of malevolent actions that include excluding transactions, reversing transactions, and double-spending coins, among other things. Such an attack would undoubtedly bring down the value of....


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GHash. IO Releases Official Statement on 51% Hashing Power Threat

newsBTC has received an official press release from the folks over at GHash. IO regarding the on-going threat of the mining pool getting 51% or more of total network hashing power mere hours following the publication of a story indicating the pool had reached 42% network hashing power. "The pool has gained significant hashing power due to the 0% pool fee, merged mining of alt coins, excellent real-time data presentation as well as quality 24/7/365 support service," the statement reads. Hashing power on GHash. IO is made up of 45% BitFury ASIC miners and 55% independent miners, according to....

Ghash. IO official statement on the 51% attack threat (PRESS RELEASE)

This is a press release by Ghash. IO and does not represent our views. Read our earlier post about the situation here: WARNING: GHASH. IO IS NEARING 51% - LEAVE THE POOL. Bitcoin mining pool GHash. IO is preventing accumulation of 51% of all hashing power. GHash. IO, the worlds largest and most powerful mining pool, has entered 2014 with overall hashing power of over 40%, making it the #1 pool currently in the Bitcoin network. The pool has gained significant hashing power due to the 0% pool fee, merged mining of alt coins, excellent real-time data presentation as well as quality 24/7/365....

Ghash.io: We Will Never Launch a 51% Attack Against Bitcoin

CEX. IO, the operating exchange for the largest bitcoin mining pool Ghash.io, has issued a new statement to address community concerns regarding the growing amount of the pool's bitcoin network hashing power. The post marks the first time since Ghash.io began rapidly approaching 50% of the network's hashing power that CEX. IO has issued a statement on the mining pool's growing size and influence over bitcoin's core infrastructure. Should Ghash.io reach and maintain 51% of the bitcoin network, the mining pool would theoretically be able to perform certain actions uncontested, such as double....

Gavin Andresen Urges Miners to Join Smaller Pools

Over the last couple of days, the Ghash.io mining pool has been stirring up conversation in the community again, with an uncomfortably high share of hashrate hitting very close to the feared 51 percent mark. Posts urging miners to switch to smaller pools litter social media, and Bitcoin Foundation Chief Scientist Gavin Andresen did the same on Friday in a post published on the Bitcoin Foundation blog. He writes: Bitcoin mining has been too centralized for years, with just a handful of pool operators have controlled well more than 50% of hashing power. Recently, mining power has become even....

BitFury Pulls 1PH/s of Mining Power from Ghash.io Amid Community Uproar

Following the news that Ghash.io was nearing control of 51% of the bitcoin network's hashrate, industrial bitcoin mining facility operator BitFury has released a new statement saying that it has moved 1.5 petahash of its hasing power out of the major bitcoin mining pool. The company, which operates two large-scale mining facilities in Finland and Iceland and recently raised $20m, further indicated it will move additional petahashes out of Ghash.io over the next 72 hours. Marc Aafjes, BitFury's chief strategy and communications officer, suggested that the company felt compelled to take....