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In principle, mining energy needs to be distributed throughout completely different nodes worldwide, that means {that a} single entity is not going to management the hash fee. In actuality, the overwhelming majority of Bitcoin mining machines are linked to mining swimming pools, and presently, Bitcoin’s nodes and mining energy are largely managed by massive mining swimming pools.
Based on BTC.com mining pool statistics, the highest 15 mining swimming pools management greater than 99% of the computing energy of all the community, and the highest 3 mining swimming pools management nearly 70% of the computing energy of all the community, which has raised considerations amongst many native Bitcoin ecosystem supporters.
What’s a 51% assault, and what’s the probability of it occurring?
The potential for a 51% assault is elevated since these mining swimming pools management many of the community’s computing energy. A 51% assault (aka Majority Assault) is an assault on a Bitcoin blockchain by an entity or group that controls greater than 50% of the community. If a celebration have been to realize this a lot community management, it could have the ability to change the blockchain.
Theoretically talking, if a foul consumer or unhealthy consumer group with greater than 50% of Bitcoin’s hashrate have been to collaborate, they may override the community’s consensus mechanism and carry out malicious behaviors corresponding to double-spending, stopping new transactions, and reverse unconfirmed transactions. Along with the excessive weightage of the highest three mining swimming pools within the complete community computing energy, the information offered above doesn’t really present the scenario of the present centralized mining swimming pools.
For instance, many mining swimming pools at decrease ranks don’t create blocks themselves however immediately switch their mining pool computing energy to the top-ranked mining swimming pools. These small mining swimming pools solely exist as middlemen or are branded as unbiased mining swimming pools to draw computing energy, and they don’t have the know-how or funds to bear the chance of fluctuations in luck worth.
Based on the research data by the SpiderPool staff, there could also be solely 5-6 corporations in all the market that acquire transactions and create block templates by themselves. This additionally signifies that Bitcoin’s decentralized accounting, which we’re pleased with, isn’t any higher and even worse than that of different blockchains, which immediately impacts its anti-censorship traits.
 
SpiderPool’s ideas on the sustainable improvement and prosperity of the Bitcoin ecosystem
Since 2018, SpiderPool has specialised within the cryptocurrency mining pool sector. We now have established and operated a number of mining swimming pools, together with Ethereum (POW), BCH, BSV, ETC, and different cryptocurrency mining swimming pools. Over the previous 6 years, we’ve got verified and amassed a lot of wonderful technical options for mining swimming pools in operation, and many of the staff members have greater than 10 years value of mining expertise. Our BTC mining pool has grown into the sixth-largest centralized mining pool in line with our community computing energy.
With our ardour for mining and years of expertise in mining swimming pools, SpiderPool hopes to make use of our years of amassed technical benefits and wealthy self-developed expertise, based mostly on the orderly and sustainable improvement of all the Bitcoin mining ecosystem, to grow to be a mining pool that contributes extra to all the Bitcoin ecosystem and regularly improve and implement extra decentralization into mining swimming pools.
We consider that having our decentralized mining pool can clear up the issues beneath:
- Allow miners to acquire comparatively secure earnings, return the ability of transaction choice and allocation again to the miners who work, and shield the decentralization of the Bitcoin ecosystem.
- To forestall centralized mining swimming pools from manipulating and deducting miners’ earnings, the earnings calculation strategies needs to be public and the distribution knowledge clear.
- Change the present centralized mining pool custody earnings scenario right into a non-custodial scenario. This could stop issues corresponding to centralized mining swimming pools misappropriating miners’ property (which has occurred earlier than) and eradicate the chance of potential malicious habits by centralized mining pool operators.
- Stop 51% assaults successfully by stopping a single entity or just a few entities collectively from controlling greater than half of the community mining energy. This management might allow them to carry out double-spend assaults, stop sure transactions from being verified, and so forth., destroying the decentralized nature of the blockchain community. Decentralized mining swimming pools can stop 51% of assaults and preserve the safety of the Bitcoin blockchain.
To advance our strategic improve in the direction of decentralized mining swimming pools and regularly implement them, SpiderPool has accomplished the event of clear mining knowledge instruments and formally launched them.
We’re excited to announce the launch of “TrustView,” which can function the disclosure of block and cost addresses. Miners can view the data and disclosures of every knowledge and monitor all their data on the chain.
On the similar time, the block particulars, balances, and different details about the block luck worth and cost handle are additionally disclosed. SpiderPool firmly believes that knowledge transparency is step one in the direction of decentralized mining swimming pools and the one manner for our total community to grow to be really decentralized.
Sooner or later, SpiderPool will proceed to research and develop the idea of a very decentralized mining pool. We welcome all Bitcoin ecosystem builders, miners, and crypto geeks to hitch our dialogue on decentralized mining swimming pools to create a extra decentralized and clear Bitcoin mining ecosystem.
Whether or not you’re a miner who needs to hitch a good and clear mining pool or a developer excited by contributing to our mission, we’re completely satisfied to listen to your opinions!
Be at liberty to contact us at contact@spiderpool.com or be part of our telegram group: https://t.me/spiderpool_en. Enable us to work collectively to advertise a larger and wider software of Bitcoin worldwide and make Bitcoin mining decentralized once more!