Bitmain will control 51% of Bitcoin soon?

[pat25]

Hi, I just found this interesting article: https://www.google.cz/amp/s/ethereumworldnews.com/bitmain-dominates-bitcoin-mining-hashrate-almost-at-51-percent/amp/
Do you think that they could control 51% of Bitcoin network(currently they control 42%)? And do you think that they will try to cheat (double spend Bitcoins)? It isnt scary that Bitcoin Is going to be more centralized?

[xws]

Now the problem is not who owns the power, but also what will remain at such a low level. I think that for the majority, 90% of people do not care who is at the helm of the main thing that will be, the car was traveling fast and qualitatively.

[pat25]

Now the problem is not who owns the power, but also what will remain at such a low level. I think that for the majority, 90% of people do not care who is at the helm of the main thing that will be, the car was traveling fast and qualitatively.

I think that people should care about it because first time in the Bitcoin history, Bitcoin will be centralized and also there will be possiblity to hack their miners..

[Milla Kross]

I heard such information that last week the mining giant Bitmain produced 42% of the produced bitcoins. The BTC.com and AntPool pools owned by Bitmain will soon monitor 51% of the Bitcoin network hash.

[tsaroz]

Now the problem is not who owns the power, but also what will remain at such a low level. I think that for the majority, 90% of people do not care who is at the helm of the main thing that will be, the car was traveling fast and qualitatively.

I think that people should care about it because first time in the Bitcoin history, Bitcoin will be centralized and also there will be possiblity to hack their miners..

It's not actually the first time. In 2014 ghash.io achieved that multiple times as long as a day. Though they didn't did anything fishy. When you are talking about bitmain, it's not just a pool or a hardware manufacturer. They have a total business platform based on cryptocurrency. They won't kill their own business for a quick profit. FYI It's not even sure bitmain fully controls the pool they are accused of.

[Tipstar]

Though bitmain are know to favour Bitcoincash to bitcoin, a 51% attack means they are destroying not only bitcoin but also bitcoincash and their business which at current time is more profitable than NVIDIA. Profit is the only reason they still exist in China and they are no fool to kill bitcoin for a double spend.

[hemendrachauhan19]

If bitmain get hold of 51% of BTC, then they can control which transactions to go through first, what would be the transaction cost, etc. Recently there's been news of some attack called 51% attack and it resembles that situation. Also only yesterday there has been news of Verge (XVG) getting hacked again and that attack was also 51% attack. It looks really scary at the moment with bitmain reached 42% mark already.

[pat25]

Though bitmain are know to favour Bitcoincash to bitcoin, a 51% attack means they are destroying not only bitcoin but also bitcoincash and their business which at current time is more profitable than NVIDIA. Profit is the only reason they still exist in China and they are no fool to kill bitcoin for a double spend.

I thought that they will destroy Bitcoin and than they will switch to Bitcoincash. How can they destroy both networks? They will be able to destroy all of Bitcoin forks?

[armchair-84]

I think it is unprofitable for the company in the long term. However, the fear of the community is deliberated, for example, if it is hacked, attackers will gain complete control over the bitcoin network.

[jaythelingly]

This is realy sad that Bitmain will control such a large share alone. This is unsafe too as hacking is a great risk now a days. I am not happy with the news at all.

[Nalbo]

If bitmain get hold of 51% of BTC, then they can control which transactions to go through first, what would be the transaction cost, etc. Recently there's been news of some attack called 51% attack and it resembles that situation. Also only yesterday there has been news of Verge (XVG) getting hacked again and that attack was also 51% attack. It looks really scary at the moment with bitmain reached 42% mark already.

Every pool small are large can decide which transaction they want to mine first and of what transaction fees.
51% can have a much more devastating effects like reversing the blockchain and spending the same amount twice.

[m.vina]

Hi, I just found this interesting article: https://www.google.cz/amp/s/ethereumworldnews.com/bitmain-dominates-bitcoin-mining-hashrate-almost-at-51-percent/amp/
Do you think that they could control 51% of Bitcoin network(currently they control 42%)? And do you think that they will try to cheat (double spend Bitcoins)? It isnt scary that Bitcoin Is going to be more centralized?

This is why a lot of people are opposed to buying Bitmain's ASICs. While Bitmain's control of 51% hashrate is actually far from happening, it would still be in the best interest to invest in mining hardware that is purchased from other suppliers.

Canaan creative could be an alternative source of bitcoin miners.

[blue08]

Well, we are not so sure if that is true, however that is a bit alarming If bitcoin will be centralized.  The most serious problem that might occur is when the hackers take their move. Scary. Hope that bitcoin will maintain its true essence and purpose.

[bontkoli01]

I heard the news before. I heard 43%not 51%.i think bitcoin will become more wealthy because of their public acceptance. Peoples have a great trust on bitcoin. That’s why bitcoin need to maintain their performance.

[jamesbtcearn]

The likelihood of this happening is very narrow. Decentralization of the market is what makes it complex, dynamic yet fascinating market interested in people to invest. A centralized will be like a fatal blow for bitcoin. So there is no need to panic and let the market go with the flow.

[cryptofan999]

Yes, the news is true. Bitmain is one of the major sides for Bitcoin mining. Recently it has reached 42% of Bitcoin mining. This value is very close to 51% of the total blogs.

[alexzorgo]

Hi, I just found this interesting article: https://www.google.cz/amp/s/ethereumworldnews.com/bitmain-dominates-bitcoin-mining-hashrate-almost-at-51-percent/amp/
Do you think that they could control 51% of Bitcoin network(currently they control 42%)? And do you think that they will try to cheat (double spend Bitcoins)? It isnt scary that Bitcoin Is going to be more centralized?

According to the conspiracy theory, China is going to fully control the cryptocurrency market.
And perhaps this is one of the steps towards this ambitious goal.
The question is whether it is possible to realize the forces and resources of one country, even such a powerful as China.
It seems to me that there is a need for cooperation of forces and resources of several highly developed countries from the G8.

[MicaleFalcon]

I do not think that bitman will control 51% of the bitcoin network. Moreover if it happens then there will be provision certainly so that bitcoin does not become centralized. Decentralized system is the main feature of the market of crypto currency as well as the bitcoin and so bitcoin will not compromise on this feature.

[jan.nicolas]

Many people talk about this, but this is a big threat for the entire bitcoin network, this immediately puts the decentralization of the entire bitcoin network under attack. Do you understand what this means? We ourselves are to blame for this, because all this is a matter of our greed.