A single mining pool managed to extract six consecutive blocks within the Bitcoin community, elevating the query of whether or not this can be a safety vulnerability or a doable coincidence?
Questions concerning the safety of Bitcoin (BTC) emerged on Could 18, when the F2Pool mining pool launched six consecutive blocks within the BTC block chain, which included block numbers 630804 to 630809. Many exchanges and different Bitcoin-related providers solely query whether or not Bitcoin remains to be safe sufficient as a result of it solely requires three confirmations earlier than eradicating funds.
Is mining combined energy centralized?
As we reported earlier, the hash fee on the community has dropped by 30% since final week’s Bitcoin half occasion. That is largely as a result of diminished miners’ rewards, mining has turn into unprofitable on older machines, and margins are already tight.
Nevertheless, the distribution between competing swimming pools on this combined community continues in a usually balanced approach. Though F2Pool is clearly the most important mining pool, it accounts for lower than 20% of the general hashrate. To fee an assault on the community, this fee ought to be 51%.
Technically, though F2Pool can add transactions in its favor to one of many earlier blocks and in some way reap the benefits of it, there isn’t a strategy to predict it can extract six blocks in a row.
Every part can solely be described for example of chance. When you throw a coin six instances, it’s unlikely that you’ll take the tour six instances. However for those who throw a coin repeatedly at lengthy intervals, you usually tend to witness a collection of six rounds. Because you have no idea when this may occur, your revenue from such a wager can also be very low. Equally, there isn’t a approach for F2Pool to revenue from this coincidence, as a result of it’s nearly inconceivable for them to know that this may occur.