Bitcoin Mining Pool Ghash.io Is Open For Discussion... But Still Unapologetic
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....
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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....
This time last year, CEX.io and its Ghash.io were a force to be reckoned with. The company had achieved nearly 51% of Bitcoin mining, albeit not directly but through the use of a pool. While allegations never were too loudly amplified that the company would use the power to conduct 51% attacks against the Bitcoin network, many were concerned about the decentralization of mining. The company was also the target of DDoS attacks as a result of its unapologetic approach to centralizing hashing power. Over the course of this year, however, the company has dropped off in importance, at least in....
In an open statement published to social media website Reddit.com on Monday afternoon, CEX. IO-owned mining pool Ghash.io addressed community concerns over recent events involving the pool's increasingly uncomfortably hashing power rate, which has recently exceeded 50 percent of total network power. This raised fears of a potential 51 percent attack on the bitcoin network, which could easily allow miners to do nefarious things like double spend the digital currency, among other things. The pool writes: Rapid growth of GHash. IO mining pool, seen over the past few months, has been driven by....
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....
There's certainly been a lot of discussion lately with regard to the Ghash.io mining pool. Consistently reaching a high bitcoin network hashrate (exceeding 40 percent), the pool has been viewed by many in the community as a bad player. Why is this a big deal? Because when a pool reaches 51 percent network hashrate, they may have the ability to carry out malevolent attacks. These include excluding transactions, reversing transactions while in control, and more. But now, amid all of the bad press, Ghash.io and sister company Cex.io have released a statement on the matter, and the....