Ghash.io Offers More Empty Promises To Bitcoin Miners
Ghash.io is still currently the largest Bitcoin mining pool, based on data from the last 48 hours. In June, the media had a frenzy over the fact that a Bitcoin Mining pool had over 50% of the total network hashrate, thus presenting an unnecessary threat to the health of the Bitcoin network. Currently, they are sitting at around 30% of the total Bitcoin network hashrate and today it has been revealed that they plan to never go above 39.99% ever again. Unlike BTC Guild, Ghash.io does not have a set mitigation plan involving raised fees or closed registrations to back up their promise. In....
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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....
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....
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....
Read the press release by Ghash.io here. This is a WARNING to all Bitcoin Miners. We sincerely request that miners using Ghash.io leave the pool for other smaller pools to create a more decentralized Bitcoin hash distribution. The Bitcoin pool Ghash.io has in the last 24 hours had more than 42% of the entire Bitcoin mining power making them the biggest Bitcoin mining pool in the world. If they receive more than 50% of the mining power they will be able to double spend their Bitcoins and possibly destroy the Bitcoin value (so called 51% attack). View the recent hash distribution pie chart....
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....