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 support service.
The hashing power of GHash.IO consists of:
• ~45% BitFury ASIC based miners
• ~55% independent miners
Although the increase of hash-power in the pool is considered to be a good
thing, reaching 51% of all hashing power is serious threat to the bitcoin
community. GHash.IO will take all necessary precautions to prevent
reaching 51% of all hashing power, in order to maintain stability of the
bitcoin network.
We have put a plan in place to see that 51% of all hashing power, will not be
maintained by Ghash.IO by executing the following actions:
• We will temporarily stop accepting new independent mining facilities to
the Ghash.IO pool.
• We will implement a feature, allowing CEX.IO users to mine bitcoins from
other pools. So when they purchase GH/s they can put it towards any pool
they choose.
We will not be implementing a pool fee, as we believe the pool has to
remain free.
GHash.IO does not have any intentions to execute a 51% attack, as it will do
serious damage to the Bitcoin community, of which we are part of. On the
contrary, our plans are to expand the bitcoin community as well as utilise
the hashing power to develop a greater bitcoin economic structure. If
something happened to Bitcoin as a whole it could risk our investments in
physical hardware, damage those who love Bitcoin and we see no benefit
from having 51% stake in mining.
Our plans are to develop additional services, to help expand the use of
bitcoins. The services include, but not limited to:
• A bitcoin payment system, which utilises the extended features of the
bitcoin protocol. (
https://en.bitcoin.it/wiki/Bitcoin_Improvement_Proposals)
• An escrow service, which will help secure transactions between members
of the bitcoin community
• Micro-payments aggregation, which will enable users to receive small
amounts of Bitcoins from third parties.
• Instant bitcoin payments for merchants, which will increase the share of
Bitcoin e-commerce transactions in the global economy.
Non-standard transactions, such as mentioned above, can not be relayed to
the blockchain network, however they are still valid, and can be mined
using the hashing power accumulated on GHash.IO.
Feedback is more than welcome.
For additional information, please contact
[email protected]Media Contact: Jeffrey Smith
