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Author Topic: Mining Pool BTC.Top Briefly Controls Over 51% of Bitcoin Cash's Hashrate  (Read 5124 times)

Pegasus

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BTC.Top, a popular cryptocurrency mining pool, has recently hit a high of 54% of Bitcoin Cash’s hashrate, before seeing it recede. According to some users the mining pool has just been going after profitability, although any pool having over 51% of the hashrate could be cause for concern.

According to data from Coin.Dance, BTC.Top managed to mine over 54% of the blocks on the Bitcoin Cash network for a brief period of time, before seeing its hashrate go down. At press time, data shows in the last 24-hour period it mined 47% of blocks on the network.

https://twitter.com/HappyStopLoss/status/1129747839863730177

Having over 51% of a network’s hashrate is seen as negative by many, as it could allow the entity controlling the majority of, in this case Bitcoin Cash’s hashrate, to pull an attack on the blockchain and double-spend coins.

This essentially means every network participant is forced to trust the mining pool not to attack Bitcoin Cash. Notably, BTC.Top is believed to have recently thwarted an attack on the network that sought to steal coins someone sent to a Segregated Witness (SegWit) address on the Bitcoin blockchain.

https://twitter.com/JavierGonzalez/status/1129157444440088583

As such, network participants seemingly trust the mining pool was only mining the most profitable cryptocurrency on the SHA-256 algorithm, and wasn’t trying to act maliciously. This, however, doesn’t mean it couldn’t.

Various cryptocurrencies have suffered 51% attacks in the crypto space’s short history, including Verge (XVG), Bitcoin Gold (BTG), and Ethereum Classic (ETC). ETC suffered one of the most notable attacks, as hackers compromised one of the most popular networks in the space to double-spend coins worth over $1.1 million.

While BTC.Top heavily mines Bitcoin Cash, it revealed back in November of last year, before the hard fork that created Bitcoin Satoshi’s Vision (BSV) occurred, that it was apolitical and would support the blockchain with the most hahspower.

At the time Jiang Zhouer, the Chinese cryptocurrency mining pool’s founder, revealed BTC.Top’s goal was to recover stability for Bitcoin Cash, which at the time was engaged in a “war” between two sides.

On BSV’s side there are also concerns about a potential 51% attack. As covered, CoinGeek has reached the necessary hashrate to attack the network more than once, but hasn’t done anything malicious.

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masudginanjar

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BTC.Top has already acquired for mining progress of more than 54%, is that not dangerous for Bitcoin Cash?
If the total Bitcoin Cash is 100% and is owned by mining BTC. Top 54% then it's likely that the Bitcoin Cash will be DUMPED , Oh My God!

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IyemRoker

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That can also be an obstacle to the price of Bitcoin but if it is true BTC.top wants to throw away the price then he is very stupid.
He (BTC.op) has a lot of Bitcon Cash and I'm sure he also wants to sell it at expensive prices and doesn't want to sell it at cheap prices.
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kent47400

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It's not like that because I'm sure they (miners) don't want to lose because they sell BitcoinCash at low prices.
and of course the miners have a large reserve of funds to back up their mining costs.
         
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damsix

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51% has been plentiful for mining profits from Bitcoin Cash.
But if the mining owner is still greedy and wants to increase the value, then I make sure BTC.top will increase its mining revenue by more than + 51%.

 

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