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GHash.IO Press Release: Bitcoin mining pool GHash.IO is preventing accumulation of 51% of all hashing power

https://ghash.io/ghashio_press_release.pdf
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.
Feedbackis more than welcome.
For additional information, please contact [email protected]
Media Contact: Jeffrey Smith
submitted by Larry-Jonson to Bitcoin [link] [comments]

Bitcoin Roundtable: "A Call for Consensus from a community of Bitcoin exchanges, wallets, miners & mining pools." (Signed: Bitfinex, BitFury, BitmainWarranty, BIT-X Exchange, BTCC, BTCT & BW, F2Pool, Genesis Mining, GHash.IO, LIGHTNINGASIC, Charlie Lee, Spondoolies-Tech, Smartwallet)

Bitcoin Roundtable: submitted by eragmus to Bitcoin [link] [comments]

Bitcoin Mining Pool Ghash.io Is Unapologetic Over Risk Of Theoretical 51% Attack

Bitcoin Mining Pool Ghash.io Is Unapologetic Over Risk Of Theoretical 51% Attack submitted by bitxbitxbitcoin to Bitcoin [link] [comments]

Bitcoin Mining Pool Ghash.io DDos-ed in Response to threat of 51% attack?

Bitcoin Mining Pool Ghash.io DDos-ed in Response to threat of 51% attack? submitted by AllBTC to Bitcoin [link] [comments]

r/Bitcoin is fearing the GHash.IO mining pool might reach 50% of total Bitcoin hashing distribution. What does Peercoin have to fear?

Bitcoin is fearing the GHash.IO mining pool might reach 50% of total Bitcoin hashing distribution. What does Peercoin have to fear? submitted by _CapR_ to peercoin [link] [comments]

Bitcoin Mining Pool Ghash.io Is Unapologetic Over Risk Of Theoretical 51% Attack

Bitcoin Mining Pool Ghash.io Is Unapologetic Over Risk Of Theoretical 51% Attack submitted by JesusCripto to BitcoinMining [link] [comments]

Ghash / CEX Scaling Back Mining Pool - CCN: Financial Bitcoin & Cryptocurrency News

Ghash / CEX Scaling Back Mining Pool - CCN: Financial Bitcoin & Cryptocurrency News submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Mining Pool Ghash.io Is Open For Discussion…But Still Unapologetic

Bitcoin Mining Pool Ghash.io Is Open For Discussion…But Still Unapologetic submitted by voyagerdoge to DogeNews [link] [comments]

Ghash / CEX Scaling Back Mining Pool - CCN: Financial Bitcoin & Cryptocurrency News

Ghash / CEX Scaling Back Mining Pool - CCN: Financial Bitcoin & Cryptocurrency News submitted by chalbersma to btc [link] [comments]

Bitcoin Mining Pool Ghash.io Is Open For Discussion...But Still Unapologetic

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GHash Mining Pool Generates $250 Million in Bitcoin in One Year

GHash Mining Pool Generates $250 Million in Bitcoin in One Year submitted by MuchBitcoin to MuchBitcoin [link] [comments]

Bitcoin Roundtable: "A Call for Consensus from a community of Bitcoin exchanges, wallets, miners & mining pools." (Signed: Bitfinex, BitFury, BitmainWarranty, BIT-X Exchange, BTCC, BTCT & BW, F2Pool, Genesis Mining, GHash.IO, LIGHTNINGASIC, Charlie Lee, Spondoolies-Tech, Smartwallet)

Bitcoin Roundtable: submitted by BitcoinAllBot to BitcoinAll [link] [comments]

A British-based computer 'mining pool' called GHash has gained unprecedented control over virtual currency bitcoin | It has amassed nearly half of the bitcoin computing power - which keeps track of bitcoins and creates additional coins.

submitted by ionised to worldnews [link] [comments]

GHash Mining Pool Generates $250 Million in Bitcoin in One Year

GHash Mining Pool Generates $250 Million in Bitcoin in One Year submitted by BTCNews to BTCNews [link] [comments]

Ghash.io Mining Pool Has Mined $250 Million in Bitcoin in One Year

Ghash.io Mining Pool Has Mined $250 Million in Bitcoin in One Year submitted by BTCNews to BTCNews [link] [comments]

A British-based computer 'mining pool' called GHash has gained unprecedented control over virtual currency bitcoin | It has amassed nearly half of the bitcoin computing power - which keeps track of bitcoins and creates additional coins.

A British-based computer 'mining pool' called GHash has gained unprecedented control over virtual currency bitcoin | It has amassed nearly half of the bitcoin computing power - which keeps track of bitcoins and creates additional coins. submitted by ionised to technology [link] [comments]

Mining Pool Ghash.io “Open For Discussion” on Bitcoin Mining Decentralization

Mining Pool Ghash.io “Open For Discussion” on Bitcoin Mining Decentralization submitted by BTCNews to BTCNews [link] [comments]

Growth of Bitcoin mining pool Ghash.io raises concern over possible ’51% attack’… again

Growth of Bitcoin mining pool Ghash.io raises concern over possible ’51% attack’… again submitted by BTCNews to BTCNews [link] [comments]

GHash.IO mining pool getting too big, Bitcoin community calls for diversification before it reaches 51%

GHash.IO mining pool getting too big, Bitcoin community calls for diversification before it reaches 51% submitted by andrai886 to Bitcoin [link] [comments]

A British-based computer 'mining pool' called GHash has gained unprecedented control over virtual currency bitcoin | It has amassed nearly half of the bitcoin computing power - which keeps track of bitcoins and creates additional coins.

A British-based computer 'mining pool' called GHash has gained unprecedented control over virtual currency bitcoin | It has amassed nearly half of the bitcoin computing power - which keeps track of bitcoins and creates additional coins. submitted by RealtechPostBot to realtech [link] [comments]

GHash.IO mining pool getting too big, Bitcoin community calls for diversification before it reaches 51%

GHash.IO mining pool getting too big, Bitcoin community calls for diversification before it reaches 51% submitted by andrai886 to BitcoinMining [link] [comments]

How Can Double-Spending Be Prevented?

How Can Double-Spending Be Prevented?

https://preview.redd.it/jcgmn1wf4o251.png?width=1400&format=png&auto=webp&s=55aa66f3a02fb3aefbbd2cc0fec1468645ab24cd
What is double-spending? To understand what double-spending means, we must first understand how a blockchain network works. All cryptocurrencies use what is known as a blockchain. It is essentially a chain of blocks where each block is made up of digital information about transactions. Bitcoin and other cryptocurrencies cannot be forged because the blockchain is public and immutable. Because of a consensus algorithm each chain has, it is almost impossible for someone to form a transaction or block.
Picture this, James sends Kate 4 Bitcoin. This transaction is made public, and everyone receives information about it. Also, the transaction has to be verified. If James doesn’t have 4 Bitcoin, the verification will fail, and Kate will not receive any Bitcoin. The verification process happens through the consensus algorithm.

Can Double-Spending Really Happen?

Double-spending happens when an attacker spends the same funds twice. For example, if James sends 4 Bitcoin to Kate and also to Alex at the same time, only one of the transactions will be confirmed. This problem is easier to solve on centralized systems; if there is a central institute like a bank, it can take charge of the problem. However, since blockchain is decentralized, there is no specific one responsible for the double-spending attack.
Even though the consensus algorithm partly prevents double-spending, unfortunately, this cannot be the final solution as the problem can still occur. Theoretically, if someone were able to hold more than 50% of the mining power available, he or she would have the ability to overturn network transactions and may make double-spending valid.
Although this might seem unlikely, it can happen for real. In 2014, the mining pool Ghash.io obtained 51% of Bitcoin’s hashing power but capped their power at 39.99% to increase the trust in the network. However, this event raised significant concerns about the safety of the network, as most mining power seems to be in control of a few parties only.
Other cryptocurrencies have suffered 51% attacks, Bitcoin Gold, for example, was hit by a 51% attack in 2018 and just recently in 2020.

The Final Solution for Double-Spending, FLETA

FLETA is a blockchain-based platform for the creation of decentralized applications. FLETA employes an innovative sharding model where each shard operates individually and independently. Each DApp on the FLETA network operates independently and doesn’t rely on other DApps as it has its own sub-chain.
Because each chain operates independently in a parallel structure, data is not shared between the chains, and chains are not affected by each other. For this reason, double spending is not feasible and provides a high transaction speed.
Also, FLETA’s consensus algorithm, PoF(Proof-of-Formulation), prevents the double-spending problem. Its mining node, Observer Node, confirms a generated block real-time, and confirmation of 3 out of 5 observer nodes is necessary. This system eliminates the possibility of double-spending.

Conclusion

Although the initial consensus mechanism works, it is not entirely secure against double-spending attacks. A 51% attack has been shown to be achievable even in cryptocurrencies.
FLETA has been able to create an innovative sharding model that allows each chain to operate independently. Moreover, its PoF consensus algorithm confirms a block systematically in real-time. Thanks to them, FLETA is free from the double-spending issue.
submitted by fleta-official to fletachain [link] [comments]

Bitcoin Miner Tools - Unknown Mining pool Connect Free Bitcoin mining Site 2020 How to earn Cash with Cryptocurrency  Withdrawal Proof. 6/16/14 - Ghash.io calms the masses, Coin Pocket back on iOS, & BitGo raises $12 Million Bitcoin Generator 2020 - Mining Pool Inject + Payment Proof Live Bitcoin Miner For Connect Unknown Mining pool .

GHash.IO is a Bitcoin mining pool, working in conjunction with CEX.IO Bitcoin exchange since 2013. The company frequently adds new features and expands trading possibilities. GHash.IO offers mining of Bitcoins (merged with NMC) and Litecoins (merged with DOGE). In July 2014, mining pool Ghash.io frightened the Bitcoin community when it held more than 51% of the Bitcoin network hash rate.. Since the Ghash.io incident, the Bitcoin community has pushed developers and pool owners to create new solutions to ensure Bitcoin mining remains decentralized. CEX.io started out in 2013 in London as a Bitcoin exchange and cloud mining provider. At some point its mining pool, known as Ghash.io, was so big it held 42% of the total network mining power. In January 2015 the cloud mining operations were shut down and today CEX.io operates solely as a cryptocurrency exchange. Bitcoin mining solution developed by expert team of the most well-known mining pool. GHash.IO has been one of the largest and well-known mining pools since 2013. Our expert team is ready to develop a custom-built mining pool for you. Since opening its doors on 3rd August of last year, major bitcoin mining pool operator GHash.io has generated nearly $250m in bitcoin, according to a new infographic released by the company.. The

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Bitcoin Miner Tools - Unknown Mining pool Connect

Zu den am häufigsten eingesetzten Mining-Pools gehören etwa die Anbieter Antpool, Slushpool, CoinKing.io, MinerGate oder Ghash.io. Ihnen gemein ist die Möglichkeit kostenloser Anmeldung und ... Binance is looking to consolidate more bitcoin mining hashrate to its pool in Russia and the Central Asia region. The world’s largest crypto exchange is deploying a physical server node for its ... How to generate free Bitcoin 1. Enter your personal Bitcoin Wallet Address – make sure to enter a valid wallet address. It is recommended to generate a new Bitcoin Wallet Address everytime you ... BitCoin For Beginners - POOLS - Top 3 Mining Pools - Trading and Exchanging - Part 3 1/2 - Duration: 8:23. MrJayBusch 185,905 views. 8:23. BTC Mining Pool Review - Based on my Experience Part 1 - ... Mining pool Ghash.io released an open statement on Reddit today to address the community's concerns over the pool's increasing hashing power rate, which, for a brief moment, recently exceeded 50 ...

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