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WATCH RELATED VIDEO: Don't Use Luxor Mining Pool

How to Disincentivize Large Bitcoin Mining Pools


Bitcoin has stared down an existential threat, after a consortium of miners briefly gained enough processing power to theoretically destroy the currency. For a few hours on Friday, mining pool Ghash. If it had abused that power, it would have had the ability to indirectly take money from other users, for instance by buying something and then rewriting history so that the purchase never happened.

But shortly after the threshold was breached, some members of the mining pool pulled their computing power from the group, averting — or at least, delaying — catastrophe. The bitcoin network runs with the aid of peer participants performing a function called "mining", which involves spending large amounts of processing power in order to verify transactions as accurate. Miners are given financial rewards for doing so, and since there are so many of them, it is typically impossible to force a fake transaction into the bitcoin ledger: more than half the processing power of the network would need to verify the fake transaction.

But many miners lump their processing power together, in "pools" such as Ghash, in order to increase the chances of getting rewards. While that makes financial sense for any individual miner, it has long posed the threat of ending the decentralised aspect that makes bitcoin so popular.

It's not the first time the "impossible" attack on bitcoin has been scarily close. Those steps were apparently insufficient. That has led some experts, such as Andreessen Horowitz's Chris Dixon, to dub the problem "a minor issue. The real protection isn't technology but economics. Google goes one step further, treating bitcoin identically to conventional currencies, offering users a selection of news headlines alongside the latest price. Both firms are several months behind Microsoft, which added bitcoin to its Bing finance product in February , and even the normally-measured financial types at Bloomberg, which included the cryptocurrency in February.

Tellingly, neither Google nor Yahoo's press offices were aware the changes had been made when the Guardian contacted them, though Google later responded to say "we're always working to provide more of the financial data people are looking for. On Monday, the first bitcoin apps to take advantage of Apple's new rules allowing cryptocurrencies on the app store began to appear.

Coinpocket was previously only accessible as an HTML5 web app, to get around the restrictions, but now the wallet app, which lets users spend and receive their bitcoins, is relaunched as a native iPhone app. The new version also includes the ability to spend bitcoin by scanning QR codes.

Perhaps more importantly, apps which let users spend bitcoin for digital goods have also turned up on the app store. Betcoin and eGifter both allow bitcoin purchases, the former as part of a simple betting game and the latter for gift cards. While the apps might still be pulled by Apple after the fact, their existence on the App Store could signal another major change in direction from the company.

This article is more than 7 years old. During a Bitcoin conference in Amsterdam a local cafe takes advantage of the attending clientele accepting Bitcoins. Photograph: Alamy Photograph: Alamy. Topics Bitcoin Cryptocurrencies Hacking Data and computer security news.

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Ghash.IO Newsroom

October , GHash. IO pool officially closed. The team behind GHash. IO offers development of custom-built pools and enterprise mining solution. IO worked in conjunction with CEX. IO bitcoin exchange. Apart from mining bitcoin, GHash.

safe-crypto.me has attracted thousands upon thousands of miners into their pool with 0 percent fees, instant payouts, and easy setup. Miners join pools because it can.

Bitcoin faces a takeover by mining group which controls half the currency's computer power

When autocomplete results are available use up and down arrows to review and enter to select. Touch device users, explore by touch or with swipe gestures. Log in. Sign up. Collection by CEX. Similar ideas popular now. Poems Beautiful.


Bitcoin currency could have been destroyed by '51%' attack

ghash mining pool

These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. At 3am ET this morning, a single bitcoin mining collective known as Ghash. To put this in context: Imagine that tomorrow, a single corporate entity gained the ability to clone all of its dollars, and then immediately went on an asset buying spree. To say that it would undermine trust in the US dollar would be an understatement.

Released today, CEX.

The existential threat to bitcoin its boosters said was impossible is now at hand

By Chris Baraniuk. Bitcoin is booming. Jonathan Levin at the University of Oxford runs Coinometrics. Since the record of all Bitcoin transactions is public, Levin has used it to gather data about the distribution and movement of bitcoins. Levin is concerned that if the owners of those large, idle hoards suddenly started making lots of transactions or cashing in, it could lead to a lack of confidence in the Bitcoin economy.


The Terror of Mining Pool Centralization

NEW YORK The Bitcoin digital currency system is in danger of losing its credibility as an independent payment system because of the growing power of a group that runs some of the computers behind it. In recent weeks, a British-based "mining pool" called GHash has amassed nearly half of the Bitcoin computing power and has briefly gone over 50 percent. Miners operate the computers that keep track of bitcoins and create additional coins. Miners pool their computing power to spread the financial risk of their operations. If GHash amasses more than half of the computing power devoted to Bitcoin, it could in theory control the flow of transactions, freeze people out of the network and keep all future bitcoins for itself.

In general, miners will quit a pool when it gets too close to 50%, because they know they could cause the network a lot of trouble if a 51% attack was ever.

Bitcoin ‘mining pool’ promises to stay small

We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. A single bitcoin-mining network has repeatedly supplied more than half the computational power necessary to mint new bitcoins, undermining the decentralized nature of the digital currency and creating new security concerns.


New-gen miners: A vision of the future

RELATED VIDEO: Best or Worse Zcash / Bitcoin Mining Pool - Slushpool Review

In an open statement published to social media website Reddit. IO-owned mining pool Ghash. 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. Rapid growth of GHash.

What will happen if most of the miners in the bitcoin network are cheaters — or the bad guys?

Rise of Powerful Mining Pools Forces Rethink of Bitcoin Design

Industry leaders in transparency and innovation, with more than 1. Cutting-edge firmware with an implementation of Stratum V2 and mining software written from scratch in Rust language. Quality improvements including reduced data loads, empty block elimination, hashrate hijacking prevention, and more. This page is both a technical documentation and advocacy of the new mining protocol which can be used for bitcoin mining. If you're a casual miner or just a regular bitcoin user, then you don't have to understand everything in this document.

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.


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  1. Re

    Yes, you are a talent :)