Bitcoin Forum

The owner of two well-known bitcoin websites has sparked controversy once again as he’s written an open letter to the community asking for a Proof-of-Work (PoW) consensus change. Cobra says bitcoin is slowly becoming less decentralized and he blames mining centralization. In fact, Cobra points to “one man and his company,” and that individual is Jihan Wu, the owner of the Chinese based Bitmain Technologies. Cobra says that the security of the Bitcoin core network depends solely on trusting that one company will be honorable.

“As long as they [Bitmain] control the majority of the hashrate, the only way to keep the network secure is the threat of a hard fork to a new PoW, but this will only work for as long the community is reasonably small and still overwhelmingly shares the same morals for a decentralized Bitcoin,” explains Cobra’s open letter.