Author: Melvin Carvalho 2014-07-17 10:59:32
Published on: 2014-07-17T10:59:32+00:00
GHash, a major bitcoin mining pool, has committed to a 40% hashrate cap at the Bitcoin Mining Summit. This decision comes after concerns were raised over GHash's increasing control over the network, with fears that a majority share could lead to the ability to double-spend bitcoins and undermine trust in the system. The commitment from GHash aims to address these concerns and promote a more decentralized mining ecosystem. Interestingly, this news coincides with a quote from Satoshi Nakamoto, the creator of bitcoin, who called for a "gentleman's agreement" to delay the GPU arms race in mining in order to make it easier for new users to get involved. While this sentiment may be outdated now, it highlights the ongoing tension between the desire for decentralization and the drive for profit and efficiency in the mining industry.
Updated on: 2023-06-09T01:04:37.817758+00:00