Bitcoin mining is becoming more decentralized

news@eBitcoinics.com   20 Jan, 2019   news.eBitcoinics.com   Views: 321

With the fall of Bitcoin prices, large mining pools have had to reduce their mining capacity; this has caused the BTC network to become more decentralized.

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At least that conclusion came several analysts who published their data on social networks . They noted that until January 16, no mining group contracted more than 11.4 percent of the total hashrate of the BTC network. This new hashrate distribution would protect bitcoin from double-spending attacks, since transactions would have up to 6 confirmations. Another important point of this decentralization of the BTC network is that it reduces the possibility of a 51% attack.

Last 24 hours distribution. The mining distribution is almost such that the miner's share is no more than 10%, and, accordingly, 6 network confirmations provide complete protection against a double spend attack. #bitcoin #decentralized

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So, many see these stormy times for Antpool, owned by Bitmain, as something positive for Bitcoin. Recall that the Chinese giant has canceled some large projects, such as its operations in Texas, in Isreal and in Amsterdam. We must also add the dismissal of part of the payroll of its headquarters. This has allowed other entities, such as SlushPool, to compete with them, even some estimates indicate that Slush is in the current leader.

Others were more skeptical about the data on mining distribution, noting that Antpool and another major player, BTC.com, apparently work together.

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But what is certain is that the BTC miners have lived through tumultuous months. This was reflected in a descent of the hashrate that began to reverse in December. All in the wake of the fall of 35 percent in the price of Bitcoin at the end of November. However, in an example of Bitcoin's ability to stand on its own, the downward trend lasted for a few weeks before the profitability of mining improved due to the lower difficulty of mining and the rise of hashrate.


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