[CLOSING] GHash.IO mining pool official page

[organofcorti]

That's not completely implausible, though the unknown percentage of found blocks has been that high for some time.

Unknown percentage is not that high. It's only that high on blockchain.info, which is out of date.

Instead try my blog (updated weekly, using weekly statistics)

http://organofcorti.blogspot.com/search/label/weeklypoolstatistics

or kinlo's site, which is live but averaged over the last 2016 blocks:

http://blockorigin.pfoe.be

Well, where do you get your updates from?

Uh, the bitcoin block chain?

Also, how is Blockchain.info out of date?

I'm continuing to improve accuracy of block attribution. Blockchain.info isn't or their unknown wouldn't be twice mine.

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[bitpop]

Rapid growth of GHash.IO mining pool, seen over the past few months, has been driven by our determination to offer innovative solutions within the Bitcoin ecosystem combined with significant investment in resource. Our investment, participation and highly motivated staff confirm it is our intention to help protect and grow the broad acceptance of Bitcoin and categorically in no way harm or damage it. We never have and never will participate in any 51% attack or double spend against Bitcoin. Still, we are against temporary solutions, which could repel a 51% threat.

In any market, competition and innovation drives growth and that is particularly true in an emerging and disruptive environment such as Bitcoin. Successful and innovative companies cannot be expected to limit their growth or competitiveness as a direct result of their success. However, this is the situation we find ourselves in when faced with the community perception of the threat of a 51% attack on Bitcoin. Asking our users to not use our services or to use competing solutions is not conducive to fostering innovation. Implementing a pool fee to our pool contradicts principles of our operation from the very launch of GHash.IO. It also does not address the core issue only pushing the problem a few weeks or months down the road when another pool or perhaps GHash.IO again grows towards 51%.

We do fully recognise the concerns and possible threat posed by an entity with malicious intent taking control of enough mining power to exploit the 51% scenario, but we also have confidence and agree with the views expressed by the Bitcoin Foundation that any such exploitation or attack ”would be obvious it was happening, and pretty easy to defend against. The transparent nature of the blockchain provides unprecedented insight for all to investigate and report such behaviours.

We also recognise however that a long term preventative solution to the threat of a 51% attack does have to be found, the current situation we find ourselves in (essentially being punished for our success) is damaging not only to us, but to the growth and acceptance of Bitcoin long term, which is something we are all striving for.

To that effect we are in the process of arranging contact to the leading mining pools and Bitcoin Foundation to propose a ‘round table’ meeting of the key players with the aim of discussing and negotiating collectively ways to address the decentralisation of mining as an industry. Our aim is to do this quickly with a possible date coinciding with the CoinSummit Conference in London.

fuck off

[xstr8guy]

To that effect we are in the process of arranging contact to the leading mining pools and Bitcoin Foundation to propose a ‘round table’ meeting of the key players with the aim of discussing and negotiating collectively ways to address the decentralisation of mining as an industry. Our aim is to do this quickly with a possible date coinciding with the CoinSummit Conference in London.

This has been ongoing since 2012 on mailing lists and IRC.
Please join and participate.
GHash.io is the only major pool that has not been involved in inter-pool relationships.

They obviously feel that they are better than the other pools and want to have a discussion only on their terms.

[Bitsaurus]

To that effect we are in the process of arranging contact to the leading mining pools and Bitcoin Foundation to propose a ‘round table’ meeting of the key players with the aim of discussing and negotiating collectively ways to address the decentralisation of mining as an industry. Our aim is to do this quickly with a possible date coinciding with the CoinSummit Conference in London.

This has been ongoing since 2012 on mailing lists and IRC.
Please join and participate.
GHash.io is the only major pool that has not been involved in inter-pool relationships.

They obviously feel that they are better than the other pools and want to have a discussion only on their terms.

Seriously.  Who can take their words of not wanting to hurt the community when they can't even be bothered to listen to their peers.

[bitpop]

What happened last night
Can't remember a thing

[jamesg]

If Bitfury is the largest miner on the pool at ~25% they should be able to start solo mining and pull a majority of their hashing power off of the pool.

This would result in a net decrease of ~10Ph/s.

There is another large miner that has moved off of ghash.io and has started solo mining -> https://blockchain.info/address/1AcAj9p6zJn4xLXdvmdiuPCtY7YkBPTAJo

Looks like they are on track to finding 10 blocks a day at current difficulty. That would mean that they alone are 7% of the entire network. 

[organofcorti]

If Bitfury is the largest miner on the pool at ~25% they should be able to start solo mining and pull a majority of their hashing power off of the pool.

This would result in a net decrease of ~10Ph/s.

There is another large miner that has moved off of ghash.io and has started solo mining -> https://blockchain.info/address/1AcAj9p6zJn4xLXdvmdiuPCtY7YkBPTAJo

Looks like they are on track to finding 10 blocks a day at current difficulty. That would mean that they alone are 7% of the entire network. 

Any idea who they are?

[jamesg]

Any idea who they are?

With the huge 2.8k BTC payout from ghash.io to the new address I'd assume it to be Bitfury or one of their backers. ghash.io is running at 34Ph rather than 41Ph. This is a large percentage drop for ghash.io and is equivalent to my estimates but I think they'll need to solo mine for a while longer to get a real hash rate estimate.

[organofcorti]

Any idea who they are?

With the huge 2.8k BTC payout from ghash.io to the new address I'd assume it to be Bitfury or one of their backers. ghash.io is running at 34Ph rather than 41Ph. This is a large percentage drop for ghash.io and is equivalent to my estimates but I think they'll need to solo mine for a while longer to get a real hash rate estimate.

That's going to be a good address to follow. There needs to be proof that they're not still a part of GHash.IO.

[IYFTech]

I have a sneaky suspicion that proof will not be forthcoming......

Hope I'm wrong.

[drakoin]

If I understand this text correctly, there is one way out:

ghash.io can raise its fees.

As a consequence, they will loose miners. That's good for bitcoin.

If ghash.io raise their fees in the same amount as people migrate away, they still earn the same amount of money for themselves.

---

oh, just checked. ghash.io has 0% fees.

What is their revenue stream then? Do they live on donations only?
Or is their main goal market dominance, and they operate on a minus simply to dominate bitcoin?

---

I think they should introduce pool fees (and if only 0.1% as a start) to drive some miners away to other pools.

As said before, if they dynamically balance those fees with lost participants ... for them it makes no difference.

But bitcoin as such would win.

---

http://www.reddit.com/r/Bitcoin/comments/2828s9/i_own_a_large_mining_operation_ill_explain_why_i/ci974i6

[allcoinminer]

If I understand this text correctly, there is one way out:

ghash.io can raise its fees.

As a consequence, they will loose miners. That's good for bitcoin.

If ghash.io raise their fees in the same amount as people migrate away, they still earn the same amount of money for themselves.

---

oh, just checked. ghash.io has 0% fees.

What is their revenue stream then? Do they live on donations only?
Or is their main goal market dominance, and they operate on a minus simply to dominate bitcoin?

---

I think they should introduce pool fees (and if only 0.1% as a start) to drive some miners away to other pools.

As said before, if they dynamically balance those fees with lost participants ... for them it makes no difference.

But bitcoin as such would win.

---

http://www.reddit.com/r/Bitcoin/comments/2828s9/i_own_a_large_mining_operation_ill_explain_why_i/ci974i6

Txn Fee and Left off BTC after payout is not a small amount.

[fubly]

What's happen with the unpaid Block 306288
URL from Blockchain 306288:
https://blockchain.info/en/block-height/306288

URL from Ghash.io Block 306288:
https://blockchain.info/block-index/000000000000000009deab533f62aeb79927020c292b46bd63e0f10bf2e83f28

Blockchain said: paid, found
Ghash.io said: unpaid, not found

How could this happend?

[cesmak]

What's happen with the unpaid Block 306288
URL from Blockchain 306288:
https://blockchain.info/en/block-height/306288

URL from Ghash.io Block 306288:
https://blockchain.info/block-index/000000000000000009deab533f62aeb79927020c292b46bd63e0f10bf2e83f28

Blockchain said: paid, found
Ghash.io said: unpaid, not found

How could this happend?

If you go in ghash.io site and scroll the table where blocks are reported you can see that this block is reported 2 times one is payed the other not...

ID 14272 e 14274

Sometimes happens.....

Cheers

Edit : i've rechecked the table the block is reported three times also with id 14288.....

[Majixagi]

Why did cex make this thread if they didn't intend to post in it regularly and answer concerns/questions?

[nottm28]

Why did cex make this thread if they didn't intend to post in it regularly and answer concerns/questions?

Maybe the fact that some people just post expletives to every post they make - puts them off - if I owned cex I'd think sod that - why bother...

[flound1129]

oh, just checked. ghash.io has 0% fees.

What is their revenue stream then? Do they live on donations only?
Or is their main goal market dominance, and they operate on a minus simply to dominate bitcoin?

Their apparent goal is to get as much coin into their trading system as they can so people can buy GH with it or trade it and they collect the fees.

[worhiper_-_]

Their apparent goal is to get as much coin into their trading system as they can so people can buy GH with it or trade it and they collect the fees.

Sorry flound1129 but I really can't understand your logic. If someone is pointing hiw own hardware's hashrate to their pool then why would he spend his mined coins to buy their overpriced coins? I don't think cloud mining is for the people that have the technical knowledge to mine with their own hardware.

[xstr8guy]

Their apparent goal is to get as much coin into their trading system as they can so people can buy GH with it or trade it and they collect the fees.

Sorry flound1129 but I really can't understand your logic. If someone is pointing hiw own hardware's hashrate to their pool then why would he spend his mined coins to buy their overpriced coins? I don't think cloud mining is for the people that have the technical knowledge to mine with their own hardware.

You'd be wrong then. Many people do both. And Cex.io isn't just for cloudmining. It's also a trading platform.

[Majixagi]

oh, just checked. ghash.io has 0% fees.

What is their revenue stream then? Do they live on donations only?
Or is their main goal market dominance, and they operate on a minus simply to dominate bitcoin?

Their apparent goal is to get as much coin into their trading system as they can so people can buy GH with it or trade it and they collect the fees.

One thing I always worried about when I had some coin with them (I have almost nothing now, like 0.5 GHS worth) was how much coin they keep in escrow for payouts. This industry is certainly not regulated. As far as I know this is not disclosed, and they very well could be trading/gambling with their holdings as well by converting it to fiat or other coins from time to time. Don't forget that they aren't a bank.

Having them holding, or supposedly holding large amounts of coin has always made me nervous about leaving any significant (to me) amount of coin with them. Would they be able to handle a "run on the bank"? Is their ulterior motive to move/manipulate markets rather than perform any sort of attack?

If corruption can easily exist (and it can) in regulated environments, then it certainly can behind the closed doors here. People here should really re-evaluate the risk model they are investing in when they put hash or coin here.

Ah, why do we bother. People are buying GHS at crazy rates right now. Everyone who is willing to think for themselves or understand is already doing something about it. The rest of the people just don't or can't understand.