Another 51% scare- Ghash.io reaches 47% hashrate, users urged to leave
Bitcoin miners have been urged to get out of the Ghash.io mining pool after once again coming close to generating 51% of the hashing power.
The pool held as much as 47% several hours ago, triggering multiple warnings within the Bitcoin community. Their portion since declined back to 40%, a level not warranting immediate action but worth keeping an eye on.
Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term distribution showing Ghash.io reaching 43%, 24 hours ago, on its way up to 47%. Source: Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.info
The pool has periodically come close to the 51% mark over the preceding months, but no tangible harm has been observed.
The pool is popular for offering mining with no fees, multiple coins, an easy setup process, multiple configuration options and other advanced features. They also run the cex.io site where mining contracts can be traded and which, until April, also offered no fees. They advertise having 180,000 users.
Just over two weeks ago, Litecoin had its own scare when the Coinotron mining pool actually hit the 51% mark before quickly receding. No harm was observed.
Once a miner controls a majority of the hashing power, it can make decisions reflecting the "consensus" of the network, allowing it to double spend its own transactions or deny others from transacting. While it has been argued that the benefits enjoyed by the attackers are marginal, this doesn't rule out the harm they can cause with malicious intent.
Debate has broken out as to how effective warnings such as today's really are. Many argue that the noble ideal of protecting Bitcoin's integrity is of no significance, especially if the threat is posed by rogue entities looking to hijack or destroy Bitcoin. According to them, the best safeguard is introducing some incentivization preventing such situations through competitive means. Others point out that Ghash.io and others have apparently pulled back from such levels on their own in the past, and should be deemed trustworthy.
Bitcoin miners have been urged to get out of the Ghash.io mining pool after once again coming close to generating 51% of the hashing power.
The pool held as much as 47% several hours ago, triggering multiple warnings within the Bitcoin community. Their portion since declined back to 40%, a level not warranting immediate action but worth keeping an eye on.
Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term distribution showing Ghash.io reaching 43%, 24 hours ago, on its way up to 47%. Source: Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.info
The pool has periodically come close to the 51% mark over the preceding months, but no tangible harm has been observed.
The pool is popular for offering mining with no fees, multiple coins, an easy setup process, multiple configuration options and other advanced features. They also run the cex.io site where mining contracts can be traded and which, until April, also offered no fees. They advertise having 180,000 users.
Just over two weeks ago, Litecoin had its own scare when the Coinotron mining pool actually hit the 51% mark before quickly receding. No harm was observed.
Once a miner controls a majority of the hashing power, it can make decisions reflecting the "consensus" of the network, allowing it to double spend its own transactions or deny others from transacting. While it has been argued that the benefits enjoyed by the attackers are marginal, this doesn't rule out the harm they can cause with malicious intent.
Debate has broken out as to how effective warnings such as today's really are. Many argue that the noble ideal of protecting Bitcoin's integrity is of no significance, especially if the threat is posed by rogue entities looking to hijack or destroy Bitcoin. According to them, the best safeguard is introducing some incentivization preventing such situations through competitive means. Others point out that Ghash.io and others have apparently pulled back from such levels on their own in the past, and should be deemed trustworthy.