Bitcoin mining dominance changes hands from Bitmain to unknown miners
Bitmain, the Bitcoin miner, seems to have passed the torch of Bitcoin mining dominance to anonymous Bitcoin [BTC] miners. A Diar research report suggests that mining pool giants like Bitmain have been overpowered by unknown Bitcoin miners. The infographic given by the research indicates that the unknown miners started increasing since September 2018. The year closed off with 20% of unknown miners mining Bitcoin while Bitmain mining pools mining 40% of the BTC hashrate.
Bitmain mining pools namely Antpool, BTC.com, and ViaBTC have dominated the bitcoin network validation. However, the mining dominance fell significantly in July last year. The unknown miners who were mining less than 10% of the BTC hashrate last year doubled their mining rate and now mines over 20% of the hashrate.
“[Unknown] miners closed December having solved a whopping 22 [percent] of the total blocks, up from 6 [percent] at the start of last year. The Bitcoin network is currently less likely to experience an attack given the fact the BTC.com controlled pools have lost dominance over the network,” cited the research.
In early 2018 Bitmain mining pools mined about 53% of the BTC hashrate. This meant that Bitmain could launch a 51% attack on the Bitcoin network. Even though Diar indicated that larger mining pools cannot launch a 51% attack on the network they also said that “miners have no obligation to share details on the pools they’ve joined. Unknown miners could still potentially be part of a pool having opted to not share such details.”
Mining difficulty has been on the rise since January 2018. The difficulty reached its peak on August 27. The hashrate has since declined by 32%. When the BTC price $3200 to $4000 last month the hashrate saw an increase since August. This indicates the relation between Bitcoin price and the number of miners on the network. Therefore if the BTC prices witness an upswing Bitmain might be back in control of the network.
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