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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Just Got Invaded By A “Big, Unknown Miner,” What’s Happening?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Unknown BTC Miner

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Bitcoin, the world’s largest cryptocurrency network whose coin, BTC, is the most valuable, seems to have been invaded by an unknown miner. And the community has the new guest on their radar.

Unknown Miner Dominates 

In the last few hours, the entity has not only plugged into the network but has proceeded to mine several blocks, getting rewarded with the precious 6.25 BTC. 

What’s intriguing is that trackers cannot pick out the true identity of the miner who has usurped the established pools such as Binance Pool, AntPool, and even giant mining farms like Foundry USA. 

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For the last day, the miner has verified over 10 Bitcoin blocks, earning over 65 BTC worth over $1.7 million at spot rates.

Bitcoin Price On May 24| Source: BTCUSDT On Binance, TradingView
Bitcoin Price On May 24| Source: BTCUSDT On Binance, TradingView

While there is a chance that a “big” player is new to Bitcoin and has plugged in possibly thousands of mining rigs to stay competitive and verify blocks successfully, it is almost likely that the “unknown” entity is a mining pool.

In proof-of-work networks like Bitcoin, a group of miners, that is, retail individuals operating mining nodes, can join hands and merge their computing power called hash rate in “pools.” Whenever they do this, they stand a chance of verifying a block of BTC transactions. 

In return, the network automatically rewards them with not only the block rewards of 6.25 BTC but also fees associated with the block. Although rare, fees accumulated in a block may be over 50% of the block reward distributed from the protocol level. 

With the Bitcoin hash rate constantly rising and more miners pouring in, mining pools dominate. However, several pools are tailored to meet the needs of various miners. Applicable fees, reliability, and the size of their hash rate are some considerations that may also affect reputation. However, over the years, some of the biggest include AntPool and ViaBTC.

Is This F2Pool?

It is speculated that the “unknown” entity is F2Pool. The error is displayed on trackers because “Mempool’s attribution logic is just missing them.” 

Whether this will also turn out to be true or false will later be verified. 

This is because attribution “depends on who the miner says they are. It’d be easy to impersonate another pool and not guaranteed that that pool would notice and deny it was them”.

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F2Pool is one of the oldest and largest mining pools in the world. 

According to data from mempool.space, the pool controls 8.19% of the total Bitcoin hash rate. 

While it is popular, recent data shows there could have been a hitch in the attribution logic. Trackers show that the last time F2Pool mined was in late May 24.

Feature Image From Canva, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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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.

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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

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