Bitmain can grab 51% of bitcoin hash rate in case of further trend development

Posted 26 June, 2018

The recent data shows that mining pools BTC.com and Antpool run by Bitmain mined 25.5% and 16.5% of all bitcoin blocks respectively. This means that the parent company has access to 42% hash rate of the bitcoin network.

According to the available data, in case of further development of the mining centralization and capacities concentration, Bitmain can control the majority of the hash rate (51%).

As a result, there is a threat that bitcoin network can face so-called attack 51% from the mining corporation. Specifically, similar attacks were launched against the number of altcoins, including Bitcoin Gold, Verge, Litecoin Cash and Monacoin.

Back in 2014, mining pool Ghash that is no longer work, reached 51%-line for a short period of time, though it called users for reallocation of their hash rate to other pools taking into account concerns of the community.

In addition, Antpool launched a promotion striving to lure new miners. It says that bitcoin will be commission-free. The promotion will last till mid-September.

The experts doubt that Bitmain will make attack 51%, as it will be gainless for the company in the long run. However, the community is concerned by the fact that one company control 51% of the hash rate. Specifically, hackers can get control over the network just after the attack.

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26 June, 2018 13:22

← New exchange in South Korea reports data dump

One of the South Korean crypto exchanges has reported data loss. The platform has lost the data of 19 holders of Karma coins. The total amount of the coins is estimated at KRW 750 million or $620,000 in total. The lost data reportedly contained emails, wallet addresses and private keys of the users, which means that anyone can get access to the money with that information.

New exchange in South Korea reports data dump

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26 June, 2018 11:25

US dollar weaker vs yen, relations of USA and trade partners raise concerns →

On Tuesday, the US dollar has weakened further against the Japanese yen during the Asian session, coming closer to 2-week bottom. The decline is related to the fact that increasing concerns regarding the relations between the USA and its trade partners affected demand for the risk. The market is under pressure from an unclear position of the USA  regarding the international trade.

US dollar weaker vs yen, relations of USA and trade partners raise concerns
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