Mining Pool Ghash.io "Open For Discussion" on Bitcoin Mining Decentralization
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....
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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....
Decentralization, n. The security assumption that a nineteen year old in Hangzhou and someone who is maybe in the UK and maybe not have not yet decided to collude with each other. There has been a large amount of ruckus in the past week about the issue of mining centralization in the Bitcoin network. We saw a single mining pool, GHash.io, amass over 45% hashpower for many hours, and at one point even grow to become 51% of the entire network. The entire front page of the Bitcoin reddit was ablaze in intense discussion and a rare clash of complacency and fear, miners quickly mobilized to....
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....
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....
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....