NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Community Abuzz Over Ghash.io’s Uncomfortably

newsbtc
newsbtc
1 year ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Fears of a potential 51 percent attack are once again brewing in the bitcoin community with news that mining pool Ghash.io has reached an uncomfortably high hashrate in the past twenty-four hours.

The bitcoin subreddit on social sharing website Reddit.com, with over ten shares on the page related to the matter.

The pool’s hashrate reached as high as 47 percent — extremely close to the 51 percent envelope that would open the door to attacks that could be carried out by the majority.

One such attack would be double-spending transactions. That is, using the same amount of bitcoin twice. Such an occurrence could have devastating consequences in the community, so it’s no surprising that members are urging others to distance themselves from Ghash.io and move to another pool.

“Ghash.io at 47% hashrate for the last 24 hours. PLEASE move to another pool if you can,” exclaims one submission on Reddit. A fellow user’s comment was voted the top saying it really isn’t that easy:

“People need to understand that simply telling people to move pool isn’t enough. This is economics, the larger miners (and the only ones that actually matter) are not going to move unless there is economic incentive . It is vital we give these miners reason to decentralize via pushing P2P or better competition.”

[ot-video type=”youtube” url=”https://www.youtube.com/watch?v=6luEMwSAS0I”]

This isn’t the first time fears of a 51 percent attack have loomed on the community.

Earlier this year, the community encountered a similar situation, equally met with as much hysteria as we’re seeing this weekend.

The news prompted Ghash.io to issue a statement on the matter at the time, in which the pool said:

“GHash.IO will take all necessary precautions to prevent reaching 51% of all hashing power, in order to maintain stability of the bitcoin network.”

They added that, “[their] 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 to those who love Bitcoin and we see no benefit from having [a] 51% stake in mining.”

Ghash.io has not yet issued a statement on this occasion.

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Comments 7

  1. sukramko says:
    11 years ago

    Pool admins should have a system to prevent large pools formation. Perhaps by introducing higher rate to join the pool after certain %. and by others pools introducing lower rates when larger pools get more dominant.

    Reply
  2. Scott R. says:
    11 years ago

    If any pool gets to 51%, this little Bitcoin experiment is going to be over real soon. I am skeptical that Bitcoin can be the financial future, when such a major flaw is so easily exploitable.

    Reply
    • Spekko says:
      11 years ago

      lol you novice, its a pool, the users will just stop mining there if they THINK of doing something with the power (most of which doesnt belong to the pool owners)

      Reply
  3. Brandon Rising says:
    11 years ago

    Lol, fail understanding of bitcoin. Create a professional video about bitcoin and people will believe it I suppose.

    1. Didn’t explain what would need to occur to actually complete such an attack. Such as, predetermining the block, insuring they have mined the most recent blocks, and that their part of the chain is the main one.

    2. The pool doesn’t actually CONTROL the hashing, they accept the work done by miners, but do not control the miners directly.

    3. You’ll notice ghash currently still suffers from 1hr-2hr long blocks, to predetermine and control the chain, they would need to be able to successfully control 3 or more blocks in a row, and know that they can do this before a double spend attack. If this fails, they lose any bitcoins they attempted to double spend.

    4. Article and video fail to mention that you would need to have someone to spend the coins with, whether it’s an exchange, or an individual, an attempt to double spend would be noticed by the second party, and inevitably be tracked back through the chain. The chain is difficult to understand, but not impossible, it’s not 100% anonymous.

    Reply
  4. none says:
    11 years ago

    With a 51% attack (as low as 31.6% as I understand) the double spend could only be on a few coin before the blockchain protocol would catch it and quarantine the double spend coin. Then the community would react, and those few coins would be marked and never be double spendable again. The risk compared to the current banksters’ system is negligable.

    Reply
    • Bitcoin Brisbane says:
      11 years ago

      Not possible to mark a coin as unspendable. No one person, or entity, has the power to stop any transaction.

      Reply
  5. max says:
    11 years ago

    wrong chart. try this http://blockorigin.pfoe.be/chart.php

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 7

  1. sukramko says:
    11 years ago

    Pool admins should have a system to prevent large pools formation. Perhaps by introducing higher rate to join the pool after certain %. and by others pools introducing lower rates when larger pools get more dominant.

    Reply
  2. Scott R. says:
    11 years ago

    If any pool gets to 51%, this little Bitcoin experiment is going to be over real soon. I am skeptical that Bitcoin can be the financial future, when such a major flaw is so easily exploitable.

    Reply
    • Spekko says:
      11 years ago

      lol you novice, its a pool, the users will just stop mining there if they THINK of doing something with the power (most of which doesnt belong to the pool owners)

      Reply
  3. Brandon Rising says:
    11 years ago

    Lol, fail understanding of bitcoin. Create a professional video about bitcoin and people will believe it I suppose.

    1. Didn’t explain what would need to occur to actually complete such an attack. Such as, predetermining the block, insuring they have mined the most recent blocks, and that their part of the chain is the main one.

    2. The pool doesn’t actually CONTROL the hashing, they accept the work done by miners, but do not control the miners directly.

    3. You’ll notice ghash currently still suffers from 1hr-2hr long blocks, to predetermine and control the chain, they would need to be able to successfully control 3 or more blocks in a row, and know that they can do this before a double spend attack. If this fails, they lose any bitcoins they attempted to double spend.

    4. Article and video fail to mention that you would need to have someone to spend the coins with, whether it’s an exchange, or an individual, an attempt to double spend would be noticed by the second party, and inevitably be tracked back through the chain. The chain is difficult to understand, but not impossible, it’s not 100% anonymous.

    Reply
  4. none says:
    11 years ago

    With a 51% attack (as low as 31.6% as I understand) the double spend could only be on a few coin before the blockchain protocol would catch it and quarantine the double spend coin. Then the community would react, and those few coins would be marked and never be double spendable again. The risk compared to the current banksters’ system is negligable.

    Reply
    • Bitcoin Brisbane says:
      11 years ago

      Not possible to mark a coin as unspendable. No one person, or entity, has the power to stop any transaction.

      Reply
  5. max says:
    11 years ago

    wrong chart. try this http://blockorigin.pfoe.be/chart.php

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Dogecoin

Dogecoin Ready To Bark Again? Analyst Sees Path To $0.45

An analyst has pointed out how Dogecoin could see a rally to $0.36 or even $0.45 if its price can...

Keshav Verma 8 hours ago
circle-deploys-usdc-hyperliquid-next-wave-of-crypto-investment-tw

Circle選擇部署USDC穩定幣生態:以HyperLiquid為核心的加密投資浪潮

加密世界的進化,總是以一種奇異的方式呈現—理性與想像並行,投資與敘事交織。在2025年的秋天,Circle與HyperLiquid之間的結盟,正是一場結構性轉變的起點。這不只是兩個技術團隊的對接,也不...

Peter Chow 11 hours ago
Bitcoin Cash

Bitcoin Cash (BCH) Plunges 6.7% As Social Media Shows Overhype

Data shows bullish sentiment around Bitcoin Cash has exploded on social media, potentially explaining the coin’s pullback from its 17-month...

Keshav Verma 12 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

X

X Blows The Lid Off Bribe Scandal In Crypto Account Restorations

Christian Encila 1 hour ago
Bitcoin price

Bitcoin Price Drops To $115K After Rate-Cut Rally — But BTC Far From Capitulation

Opeyemi Sule 1 hour ago
Cardano, ADA, Charles Hoskinson

ADA Holds $0.90 Support As Hoskinson Says Cardano Will ‘Break The Internet’

Rubmar Garcia 7 hours ago

Premium Sponsors

Press Releases

  • パイネットワーク...

    2 hours ago
  • Cele mai bune altcoin-uri de cumpărat, pe măsură ce prețul Solanei se apropie de maximul istoric

    Cele mai bune altcoin-uri de cumpărat, pe măsură ce...

    3 hours ago
  • Cele mai bune meme coin-uri de cumpărat acum, pe măsură ce capitalizarea pieței se apropie de 1,9 trilioane RON

    Cele mai bune meme coin-uri de cumpărat acum, pe măsură...

    3 hours ago
  • Cele mai bune meme coin-uri de cumpărat acum, pe măsură ce capitalizarea pieței se apropie de 1,9 trilioane RON

    Nejlepší meme coiny k nákupu nyní, když se tržní...

    4 hours ago
  • Cele mai bune altcoin-uri de cumpărat, pe măsură ce prețul Solanei se apropie de maximul istoric

    Nejlepší altcoiny k nákupu, když se cena Solany...

    4 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.