Topic: Bitmain edging close to 51% - page 2. (Read 311 times)

Not going to lie, I wasn't really worried about it until they announced that they're going to slash their fees for the next 3 months.

the article plays with emotions, but I understand it has nothing to do with reality. the bottom line is that 51% of all produced equipment produced Bitmain, but not 51% of capacity. I understand. if the second - it means nothing

first of all the article itself is saying they control 42% not 51% and although when you look at percentages it may look like nothing but it is a HUGE difference there. we are not talking about 9% of a small total hashrate like 100 GHS total. we are talking about 9% of a HUGE hashrate = 37.395 Ehash/s according to bitinfocharts. that is 3.365 Ehash/s. that is not something you can easily summon.

secondly it is combination of more than one pool not just one pool having a large hashrate and it relies upon the fact that these pools are controlled by one company (bitmain).

and finally it is a mining pool not a mining farm. a mining pool's hashrate belongs to many different miners coming from many different places all around the world. they can switch to another mining pool if they feel like the mining pool they are connected to can 51% attack the network and ruin the thing they are mining and spending money on. they will take their investment (their hashrate/ASICs) to some other pool.

It should be of concern. Some of the miners that are using Antpool and Bitcoin.com should simply use another pool. No drama.

If that is "social drama" then Bitcoin Cash is also making one of its own. Some people are saying that Bitcoin Cash is "being attacked". I believe it will "end" unsuccesfully, and then Roger Ver will get the attention again and say Bitcoin Cash is "resilient". Hahaha.


Yes, the importance of running full, non-mining, validating nodes which some Bitcoin Cash people say "do not matter".

Also, DO NOT forget that a 51% attack will destroy the Cow that produce the milk for BitMain. Their whole business will be ruined if they get blamed for this attack. It is also a very costly exercise to sustain such an attack for a long period of time. I predict that we would see a shift in hashing power, as they get closer to the 51% attack scenario. < I base this on what happened when Ghash reached that threshold a few years ago >

They will do the responsible thing and if they do not do that, then they would destroy themselves.

There is a high chance of moving from bitcoin by the small miners. But this is not so easy. To control 51%, huge investment and huge technology required which is tough to handle. So I believe if they start, it will hard to continue by them.

That sounds pretty awful, event. Hopefully, they are the good intent. Yet who knows overnight what code they will push..... .

Earlier Ghash had also achieved this magic number of network hashrate and they had asked miners to move their resources into different mining pools to maintain the balance. However, the case is not the same for bitmain. But I doubt they will be performing 51% attack on the network because it would halt the entire network. That will not be profitable for them in any way. 

Also like Franky correctly mentioned that changing the algorithm will cause a serious security risk so that route is mostly unlikely. Lets just hope for good because that is the only thing we can do now.

I was sure that Bitmain already has more than 51% of the Bitcoin network because they are the largest Bitcoin ASIC manufacturer. Probably they have lots of hardware which is still not used. I doubt that they will ever perform a 51% attack because it would also hurt their precious Bitcoin Cash and probably every other cryptocurrency on the market.

more social drama to cause community to ruin bitcoin security by changing the mining algo... (facepalm)

funny part is to achieve changing the algo. core would need to do yet another 35% mandatory attack, threatening the network with IP bans and block rejections.. oh but there will be baseball caps available again. (facepalm)

remember this though folks.
one positive lesson about the august 2017 mandatory split.
if blocks dont fit the rules of the network it doesnt matter what they produce, they will get rejected.

the fear is not that a pool can just magic money up 50 billion bitcoins simply by having enough hashrate. their blocks will gt rejjected in 2 seconds no matter what the hashrate is.

the only thing that will happen is that if a pool with large majority does something that does not fit the rules. then the blocks get rejected and the only result is slower block solutions frrom the remaining pools.

changing the algo is DEFINETLY going to cause not only a risk to security but also delays in block solutions from all pools because ALL pools use the same algo.

so a change in algo affects EVERY POOL and will delay EVERY BLOCK
dont let yourself get fed into the fud of what pools can do to blocks(data). and realise the blocks would get rejected if they try..
wise up to the reality that if the network(CODE) changes. it affects everyone

Im not one for scaremongering  but I read an article on http://bitcoinist.com/bitmain-51-percent-bitcoin-hashrate/
titled "Bitmain Approaching 51% of Total Bitcoin Network Hashrate".

Now we all know the dangers of the 51% and too much control and
I wasnt aware bitmain had such a big slice bitcoin mining are they
really a threat to the 51% capacity and is it something to be concerned
about?

Also would it be the case that if they got closer to that figure smaller
miners in the pool would move to another?