gHash.io Bitcoin Mining Pool Review - Bitcoins In Ireland
Ghash.io: We Will Never Launch a 51% Attack Against Bitcoin
Ghash.io — Wikipedia Republished // WIKI 2
GHash.IO Bitcoin Mining
05-12 11:52 - '[Bitcoin miners around the world are starting to leave the Ghash].io bitcoin pool following a significant increase in the pool’s hash share.' by /u/Darlene_Haney- removed from /r/Bitcoin within 120-130min
tl;dr: GHash.IO shows that the economic incentives behind Bitcoin are probably very flawed, it might take a disaster to get the consensus to fix it, and if that happens I want to make sure I can pay my rent and buy food while we're fixing it. I made a promise to myself a while back that I'd sell 50% of my bitcoins if a pool hit 50%, and it's happened. I've known for awhile now that the incentives Bitcoin is based on are flawed for many reasons and seeing a 50% pool even with only a few of those reasons mattering is worrying to say the least. Where do we go from here? We need to do three things: 1) Eliminate pools. 2) Provide a way for miners to solo-mine with low varience and frequent mining payouts even with only small amounts of hashing power. 3) Get rid of ASICs. Unfortunately #3 is probably impossible - there is no known way to make a PoW algorithm where an ASIC implementation isn't significantly less expensive on a marginal cost basis than an implementation on commodity hardware. Every way people have tried has the perverse effect of increasing the cost to make the first ASIC, which just further centralizes mining. Absent new ideas - ideas that will be from hardware engineers, not programmers - SHA256² is probably the best of many bad choices. (and no, PoS still stands for something other than 'stake') We are however lucky that we have physics and (maybe) international relations on our side. It will always be cheaper to run a small amount of hashing power than a large amount, at least for some value of 'small' and 'large'. It's the cube-square law, as applied to heat dissipation: a small amount of mining equipment has a much larger surface area compared to a large amount, and requires much less effort per unit hashing power to keep cool. Additionally finding profitable things to do with small amounts of waste heat is easy and distributed all over the planet - heating houses, water tanks, greenhouses, etc. As for international relations, restricting access to chip fabrication facilities is a very touchy subject due to how it can make or break economies, and especially militaries. (but that's a hopeful view) Solving problem #1 and getting rid of pools is probably possible - Andrew Miller came up with the idea of a non-outsourceable puzzle. While tricky to implement, the basic idea is simple: make it possible for whomever finds the block to steal the reward, even after the fact, in a way that doesn't make it possible to prove any specific miner did it. Adding this protection to Bitcoin requires a hard-fork as described, though perhaps there's a similar idea that can be done as a soft-fork. Block withholding attacks - where miners simply don't submit valid solutions - could also achieve the same goal, although in a far uglier way. Solving problem #2 and letting miners achieve low varience even with a small amount of hashing power is also possible - p2pool does it already, and tree chains would do it as a side effect. However p2pool is itself just another type of pool, so if non-outsourceable puzzles are implemented they'll need to be compatible. p2pool in its current form is also less then ideal - it does need a lot of bandwidth, and if you have lower latency than average you have a significant unfair advantage. But these are problems that (probably) can be fixed before adding it to the protocol. (this can be done in a soft-fork) Do I still think Bitcoin will succeed in the long run? Yes, but I'm a lot less sure of it than I used to be. I'm also very skeptical that any of the above will be implemented without a clear failure of the system happening first - there's just too many people, miners, developers, merchants, etc. whose heads are in the sand, or even for that matter, actively making the problem worse. If that failure happens it's quite likely that the Bitcoin price will drop to essentially nothing - not a good way to start a few months of work fixing the problem when my expenses are denominated in Canadian dollars. I hope I'm on the wrong side of history here, but I'm a cautious guy and selling a significant chunk of bitcoins is just playing it safe; I'm not rich. BTW If you owe me fiat and normally pay me via Bitcoin, for the next 2.5 weeks you can pay me based on the price I sold at, $650 CAD.
I never mined the Bitcoin or other alt. I'm investing into Petamine just to fight against CEX/GHash.IO
Worst case I'll lose a few money or make nothing. Best case I'll make a few bucks. But on the both cases I'm supporting the network against mining centralization. For the first time I feel doing something great for the Bitcoin eco-system. edit: supporting the fact they are considering going for p2p pool. I want them do it. Else I'll leave them.
Instead of having to boycott GHash.IO, maybe fix Bitcoin?
I don't support GHash.IO, and ive long sold all my mining rigs but all this talk about 51% attacks... if a government or agency really wanted too im sure they could 51% attack Bitcoin and we wouldnt be able to stop it like this occasion. I apologise in advance if im way off, but wouldn't it be better to have Bitcoin ITSELF fixed so 51% attacks can't happen? (if this is possible?)
If you mine Bitcoins please leave this pool ASAP and go to another pool. This is potentially more serious than Litecoin's recent 51% problem due to the simple fact that if BTC fails it could bring down the entire crypto ecosystem.
SAVE BITCOIN (from ghash.io / cex.io) - why not just outmine them? ELI5
Ok so explain to me like I'm 5. Ghash is the new king of Bitcoin, in crypto-anarchy the majority of (mining) power makes them the ruler. This can't be fixed. Well But OK! Why not work with that? Everyone who complains about this: why not out-mine them by voting with your wallet? 1) Buy any mining gear big or small 2) Mine in p2pool Simple as that? Can we make a tutorial for totally not-technical people to do just the above, and promote it to all investors while showing them why it's in their best interest?
Is Anyone Else Concerned About Ghash.io? (X-post from r/Bitcoin)
Original link I have very limited background in CS and programming, however, I've read briefly on the 51% risks of bad miners. The comments from the OP are not very comforting, not that I'm looking for comfort. I am interested in more discussion on this topic since Bitcoin may have less individuals who have information on the technical side of BTC. What is the likelihood that a 51% breach will become a real issue for bitcoin? How? Are the developers prepared to solve this issue? Edit: Reading the wiki and this. I would still like to see discussion.
gHash.io and CEX.io use shared login, and if you are buying cloud hashing power with CEX, you will be mining automatically on the ghash.io pool, with associated maintenance fees. However, for the purpose of this review, we’ll be looking at how they fare when you point your own miners at them. They support a wide range of coins, with bitcoin also mining NMC, DVC and IXC. NMC and DVC can be ... GHash.IO is one of the largest Bitcoin mining pools, which entered the mining market in July 2013 and contributes to over 30% of the overall hashing power making it the #1 pool in the Bitcoin network. GHash.IO charges 0% pool fee and provides 24/7 technical support for its users. October 2016, GHash.IO pool officially closed. The team behind GHash.IO offers development of custom-built pools ... Should Ghash.io reach and maintain 51% of the bitcoin network, the mining pool would theoretically be able to perform certain actions uncontested, such as double spending individual bitcoins ... GHash.IO is a bitcoin mining pool having operated from 2013 and allowed bitcoins to mine using personal hardware or cloud-based mining power. In October, 2016, GHash.IO pool has been closed.At the moment, the team behind former GHash.IO pool offer enterprise mining solutions upon request. The collective value of the bitcoin mined in this pool was over $200 million in its first year. GHash.IO is a Bitcoin mining pool, working in conjunction with CEX.IO Bitcoin exchange since 2013. The company frequently adds new features and expands trading possibilities. GHash.IO offers mining of Bitcoins (merged with NMC) and Litecoins (merged with DOGE). October 2016, GHash.IO pool officially closed. The team behind GHash.IO offers development of custom-built pools and enterprise mining ...
This video is unavailable. Watch Queue Queue. Watch Queue Queue Queue Your morning cup of Bitcoin news Morning Bit Ep 37 1. GHash.io Takes Measures to Prevent a 51% situation -- Article: http://bitcoinboard.net/ghash-io-will-... http://moneyandtech.com/June-9-news-update/ Bitcoin mining pool Ghash.io came close to processing 51% of all bitcoin transactions over the weekend, which wou... In particular, summit organizer GHash.io, who recently came close to that threshold, made a commitment to "not exceed more than 39.99% of the overall Bitcoin hashrate." The mining pool provider is ... Bitcoin & Crypto 8,166 views 4:43 GHash.io и CEX.io инструкция по регистрации и майнингу на Мультипуле для профессионалов.