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Bitmain will Soon Control the Largest Part of Bitcoin Hashrate

2018-06-25 17:29:55

#Bitcoin #BitcoinCash #Mining
Bitmain will Soon Control the Largest Part of Bitcoin Hashrate

Bitcoinist reports that Bitmain mined 42 percent of all Bitcoin blocks last week. The company steadily approaches to the critical point. Soon the Chinese company will control 51% of the cryptocurrency network hashrate.

One of the main manufacturers of ASIC-miners Bitmain reported about successful mining of 42% of all Bitcoin blocks last week. The BTC.com and AntPool pools control 26.6% and 15.3% of the network hashrate accordingly. In 2017, Bitmain representatives reported about record-breaking profits –  the company earned $3.5 billion for 12 months.

Bitmain remains the crypto industry leader. The corporation produces asics and uses own products to mine cryptocurrencies. Crypto analysts are concerned about growing monopoly for Bitcoin mining. Thereat,  Bitmain CEO Jihan Wu justifies the activity of the company.

Some part of Bitmain’s resources is used to mine Bitcoin Cash. In theory, by switching these resources to mine Bitcoin, the company could already control 45% of hashrate. This is very close to the critical 51% indicator. If Bitmain controls the largest part of the network, it can perform a 51% attack.

Editor’s note: it would be really cool to see a 51% in action 🙂

Source

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