Bitcoin Mining Pool Ghash.io Is Unapologetic Over Risk Of Theoretical 51% Attack
Many are uncomfortable with Ghash.io's large percentage of total network hashrate. Update: Ghash.io has responded as expected. Two Cornell researchers that have been trying to poke holes in Bitcoin's network security, Ittay Eyal and Emin Gün Sirer, have taken this opportunity to remind the Bitcoin community of many other theoretical attacks that can occur with a centralized Bitcoin mining network. In fact, many of the theoretical attacks described would arguably be more likely than a blatant 51% attack. However, any attack, no matter how subtle, could be detected on the blockchain and the....
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Bitcoin Mining Pools will meet to discuss a permanent solution to the threat of a 51% attack. In response to community concerns, Ghash.io has posted to Cex.io's blog regarding the threat of a 51% attack presented by Ghash.io's rapid growth, as promised by Jeffrey Smith. In their blogpost, Ghash.io restated their "intention to help protect and grow the broad acceptance of Bitcoin and categorically in no way harm or damage it." In the same breath, Ghash.io explained that they are firmly against temporary solutions such as the implementing of a pool fee. The still largest Bitcoin mining pool....
Update: Ghash.io has responded as expected. Two Cornell researchers that have been trying to poke holes in Bitcoin’s network security, Ittay Eyal and Emin Gün Sirer, have taken this opportunity to remind the Bitcoin community of many other theoretical attacks that can occur with a centralized Bitcoin mining network. In fact, many of the theoretical attacks described would arguably be more likely than a blatant 51% attack. However, any attack, no matter how subtle, could be detected on the blockchain and the Bitcoin community will react in their best interests. Ghash.io is a Bitcoin mining....
Welcome back to another Bitcoin News in Review, where we look at some of the biggest stories of the week on CryptoCoins News. This week, the mega mining pool GHash hit 51% despite multiple warnings, the US Marshals Service announced that it would auction off the seized Silk Road bitcoins in an auction ending Monday, 30th June, PayPal issued a survey asking users about bitcoin, and more. Check out our media specialist Calvin Tran's video and keep reading for this Bitcoin News in Review. [youtube http://www.youtube.com/watch?v=0oOE5jcb3tg]. GHash Hits 51%. Don't sign up. This week, GHash....
The bitcoin community endured a scare earlier this week when mining pool GHash. IO's hashing market share reached a whopping 42%, leaving many wondering if the potential was there for the pool to carry out a 51% attack on the bitcoin network. Scores of users took to bitcoin-related boards and pleaded for miners in the GHash. IO pool to join another pool, in order to bring GHash. IO's market share down. It worked. As of Friday, data provided by Blockchain.info indicates GHash. IO is now at 28% hashing market share in the past twenty-four hours. Undoubtedly an immense improvement, but many....
The bitcoin community has been critical for the past two days of the increasing hash rate of the biggest bitcoin mining pool Ghash which states that it is currently able to process 37.92 Ph/s leading to an estimation of 42% – 47% of the total network hashrate. Ghash has not yet responded to requests for comments. However, in a press release issued in January 2014 to alleviate fears of 51% control of the total hashrate, Ghash, whose hashrate is stated to consist of approximately 45% BitFury ASIC based miners and 55% independent miners, publicly stated in clear terms that: “GHash.IO does not....