Bitcoin Mining Network Is Now Overtaken By Anonymous Miners

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Bitcoin Mining Network Is Now Overtaken By Anonymous Miners

Bitcoin, which is the world’s most popular crypto is now decentralized to some extent. This can be attributed to the great influence by Bitmain as well as the return of Bitcoin BTC miner. There is a new data that has been published by Diar, one of the most established blockchain research units. The data has revealed the person who has been validating the whole network of Bitcoin. It was determined by the analysts that the mining pools tied to or owned by Bitmain are validating less blocks than it did a year ago. The three main ones are ViaBTC, BTC.com, as well as Antpool.

Largest Group Getting BTC Network Are Unknown Miners

A total of 22 blocks is expected to have been solved by the unknown miners. According to Diar, this is an improvement from 6% at the beginning of the year. At the moment, the moment, the BTC network has limited chances of experiencing an attack. This is due to the fact that there are now controlled pools that dominate over the network. These controlled pools have been designed by BTC.com.

Is Bitcoin Safe?

Historically, Bitmain has been the powerhouse of the entire Bitcoin network. It is also one of the top manufacturers of crypto mining equipment. At the beginning of last year, 53% of Bitcoin hashpower was provided by this mining powerhouse. In theory, this alone would have given them chance to take control of BTC with the 51% attack. There are those who are worried about the 51%. It can be remembered that such an attack had occurred in the past. Among those who were affected were Ethereum Classic.

bitmain

This attack later led to a total of $1.1 million being stolen from the crypto exchanges. Therefore, a reduction on their influence is a huge relief. Diar, however, has stated that the threat of such an attack occurring is much lower now. But the miners are not obliged to circulate the details related to the pools that they might be contributing. This implies that some of the unknown miners could really be operating with one of the most established mining pools.

Miners Waiting For Bitcoin’s Bouncing Time

There are some miners who have opted to turn off their equipment. According to the market analysts, such miners could be waiting for an uptrend in the price of the leading crypto, BTC. They would only resume validating transactions once this has happened. Barely a month ago, the price of this top crypto in terms of market cap jumped to more than $4000 from $3,200. This came with so many changes.

First of all, there was an increase that was seen in the overall BTC hashpower. That happened for the very first time since the month of August 2018. It indicated a very distinct correlation between the price of BTC as well as the number of miners who are ready to take part in the network. Now, this is what is expected to happen: Bitmain-controlled mining pools are expected to bounce back online when the price of the coin bounce.

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