Looking at the graphs on blockchain.info, ghash.io has an estimated 37% of the hashing power for the past 24 hours. They have been growing rapidly, and were at less than 25% a month ago. If they continue to grow at this rate, it's highly possible they could control 51% of the network. They show no signs of stopping, and they've been known to use their power maliciously to double spend.
I know pessimistic posts are usually frowned upon in this subreddit, but I"m just wondering what can be done about this. Ghash.io poses a threat to bitcoin, and they can potentially destroy the whole decentralization of the currency, which is exactly what Bitcoin is about. Considering their bad history of double spends and other things, I'm a bit worried.
Is there any way to stop them, besides people attempting to mine for other small pools? Mining is out of the control for most people since decent ASICs are extremely expensive and mostly unprofitable. The proof of work algorithm used for Bitcoin is unlikely to change due to how difficult it would be to get everyone to adapt and for it to go smoothly. How can this be dealt with? I'm highly afraid for the future of Bitcoin.
Submitted December 26, 2013 at 03:05AM by skilliard4
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