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Author Topic: [2014-06-13] BitFury Pulls 1PH/s of Mining Power from Ghash.io  (Read 1419 times)
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June 13, 2014, 10:10:55 PM
 #1

"Following the news that Ghash.io was nearing control of 51% of the bitcoin network’s hashrate, industrial bitcoin mining facility operator BitFury has released a new statement saying that it has moved 1.5 petahash of its hasing power out of the major bitcoin mining pool."

http://www.coindesk.com/bitfury-pulls-power-ghash-community-uproar/

*Looks like at least one major player is doing something to address the 51% ghash.io issue.  Others likely to follow (cough cough petamine)

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June 14, 2014, 03:19:14 AM
 #2

Completely unnecessary. GHash admins themselves have stated that they don't favor a 51% attack, and in case if such incident happen, it will harm them the most. BTW.... where did they moved their mining power? GHash charges no fees. Pools such as Discus Fish charges a fees of 3%.



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June 14, 2014, 04:49:47 AM
 #3

Completely unnecessary. GHash admins themselves have stated that they don't favor a 51% attack, and in case if such incident happen, it will harm them the most. BTW.... where did they moved their mining power? GHash charges no fees. Pools such as Discus Fish charges a fees of 3%.
Perhaps.  Nonetheless it's nice to see one (and perhaps more) of the larger mining operations being proactive regarding this issue.  Can't be too careful.

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June 14, 2014, 08:58:05 AM
 #4

Completely unnecessary. GHash admins themselves have stated that they don't favor a 51% attack, and in case if such incident happen, it will harm them the most. BTW.... where did they moved their mining power? GHash charges no fees. Pools such as Discus Fish charges a fees of 3%.
Perhaps.  Nonetheless it's nice to see one (and perhaps more) of the larger mining operations being proactive regarding this issue.  Can't be too careful.

yes, you can say what you want, 51% is bullshit. lets try to prevent this.

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June 14, 2014, 09:52:10 AM
 #5

Perhaps.  Nonetheless it's nice to see one (and perhaps more) of the larger mining operations being proactive regarding this issue.  Can't be too careful.

Prowhat? They are reacting.
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June 14, 2014, 07:05:43 PM
 #6

Completely unnecessary. GHash admins themselves have stated that they don't favor a 51% attack, and in case if such incident happen, it will harm them the most. BTW.... where did they moved their mining power? GHash charges no fees. Pools such as Discus Fish charges a fees of 3%.

I completely disagree. But you can continue insisting that it's a good thing to have a pool with 51% power over the blockchain.
At least SOMEONE is doing SOMETHING about this issue, besides selling out and bailing before the next Gox episode.
I wish more people would move their miners elsewhere.

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June 14, 2014, 07:39:04 PM
 #7

Perhaps.  Nonetheless it's nice to see one (and perhaps more) of the larger mining operations being proactive regarding this issue.  Can't be too careful.

Prowhat? They are reacting.
Exactly...proactive in the sense of doing something themselves by moving some if not all of their hashing power to other pool(s)...i.e. Bitfury, possibly cryptx mining op soon to be switching to p2pool, that kinda thing.

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June 16, 2014, 11:23:43 AM
 #8

it's good to keep the possibility of the 51% completely out (even though it's pretty unlikely to happen) but bitcoins isn't based on depending on other group like country currencies so lowering GHASH mining power or increasing the competitors must be done.
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June 16, 2014, 11:27:16 AM
 #9

If the other pools were less greedy, then the Ghash wouldn't have grown this big. GHash doesn't have any fee. Compare that to the 3% fees charged by pools such as Discus Fish.



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June 16, 2014, 10:11:15 PM
 #10

Centralization of mining power was predicted from the outset. The current hierarchical monetary system has distributed the vast majority of resources among a relatively small group of elites. Bitcoin got big and the big fish came in and swooped up the network - no surprises there. That's why multiple cryptocoins have always been necessary. As soon as they manipulate Bitcoin too much, people can/will just trade out to the next coin.

I'm grumpy!!
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