The process of bitcoin mining is inevitably accompanied by complex calculations on computers within a single network. The main burden lies on the so-called ‘pools for mining’, where participants extract coins and divide the plunder among those who participated in the affair. However, if any of these pools will grow to 51% of the computing capacity of the network, it will be able to capture the main chain units and turn the main chain into the private one.
It’s only been a few years since the advent of digital cryptocurrency – and it may seem that the threat begins to be implemented. Over the past four days, the largest mining pool GHash.IO controlled 36% of network computing resources, which is close to the critical values (the fact should be underlined that their share exceeded 40% in January).
In connection with the situation, GHash.IO representatives issued a press release with a promise not to carry out a 51% attack. Being extremely polite and correct, the authorities pointed out that such attack will cause damage to the entire Bitcoin infrastructure and call into question the reliability of the digital currency as a universal payment method.
GHash.IO managed to become the largest pool thanks to zero fees when calculating the remuneration, round the clock technical support, nice visualization, real-time statistics, as well as the combined production of alternative cryptocurrencies – a side income that doesn’t affect the performance of Bitcoin mining. Currently, 45% of the computing power in the pool is represented by BitFury ASIC farms, and 55% by independent miners.
After GHash.IO share exceeded 40%, the administration has taken a number of measures to reduce the computing power.
The result of the effort was the temporary registration suspension of new members of the pool. The management of the establishment initiated the development to grant CEX.IO participants an opportunity to cooperate with other pools. Thus, if customers purchase computing power from CEX.IO, they will be able to work under another guise. The measures taken have already given effect: in the past two days GHash.IO share fell to 34 %, and in the last 24 hours – up to 30 %.