BTC Mining Pool Unrepentant Over the 51% Attack Risks
The BTC mining pool, Ghash.io, has existed for more than a year now. During the last year, this BTC mining pool, took the advantage of its 0% fee structure and its large size to achieve a steady growth. It also managed to earn the loyal support of miners. Together with Cex.io, a cloudhashing service that was first adopted by the people, Ghash.io performs all its tasks.
The customers can easily purchase the Bitcoin mining contracts and collect mined bitcoins from Cex.io without worrying about the software or hardware involved. The miners who want to gain the mining benefits without worrying can opt for the renting hardware which is available as contracts. This is a very popular option among the miners. The pools are utilized by the miners to stabilize their expected income. A large mining pool provides the miners with constant returns during difficult times.
According to Ghash.io, they do not have any intention of executing the 51% attack. They understand the fact that it will do more harm to Bitcoin community. On the contrary, they intend to expand the community and also utilize hashing power for developing a good bitcoin economic structure. In case the Bitcoin gets affected on the whole, it will seriously threaten their investment in hardware. It will also damage those who prefer Bitcoin. Therefore, Ghash.io will have nothing to achieve by having 51 percent stake in bitcoin mining.
In January, when Ghash.io approached the 40% mark, Bitcoin community reacted in a fantastic manner. A significant portion of network hashrate was also achieved by BTC Guild in April 2013.
As a result, Ghash.io publicly announced about their Mitigation Plan in a press release. About six months ago, Ghash.io assured the customers of Cex.io that the mining pool would allow them to point the hashing power towards some of the other pools. This will help to decentralize the mining power under a single pool. Until now, Ghash/Cex has not fulfilled this promise.