GHash.io was a bitcoinmining pool subsidiary of CEX.io that operated from 2013-2016. The pool gained notoriety for briefly controlling more than 51% of bitcoin's computing power in 2014 (notable in that bitcoin was supposedly outside any party's control).[1]
GHash.io was founded and owned by CEX.io, a cryptocurrency exchange that continues to operate today. Apart from mining bitcoin, GHash.io hosted a multipool for mining altcoins, as well as separate pools for mining Litecoin, Dogecoin, Auroracoin, and Darkcoin. Altcoin mining options were available for independent miners, while bitcoin mining could also be done in the cloud by purchasing cloud-based mining power on CEX.io.[citation needed]
Traders on CEX.io could buy shares of GHash.io mining hardware to operate on the GHash.io mining pool. After GHash.io closed in 2016, CEX.io continued operating as a bitcoin exchange.[citation needed]
51% attack controversyedit
The possibility of a 51% attack was feared due to the popularity of GHash.io's mining pool. This kind of attack occurs when a single miner or mining pool is able to mine multiple bitcoin block rewards in a row. This would be a problem for the bitcoin network, because it hypothetically allows the mining pool to double-spend (counterfeit) bitcoins.[2] In July 2014, the GHash.io mining pool briefly exceeded the 51% threshold, which forced the bitcoin community to discuss the possibility of finding a common solution to this threat.[3][4] The pool developing the majority caused a prominent bitcoin developer Peter Todd to sell half of his holdings.[5] The news reportedly caused bitcoin's price to drop from $633 to $600 at the time.[6]
Since no long-term solution to the 51% problem is known, the participants agreed to implement some temporary measures. GHash.io released a voluntary statement promising that it would not exceed 40% of the overall bitcoin hashrate.[7] Moreover, GHash.io representatives asked other mining pools to follow their example for the sake of the entire bitcoin community.[8] It also stated that a new committee should be created to act as a watchdog against the 51% problem. This committee would include representatives of the mining pools, bitcoin businesses and other specialists in the field.
In March 2015, GHash.io was struck by a crippling DDOS attack, possibly in response to the group breaching 51%.[12] By the end of 2015, GHash.io had stopped its mining activity in response to falling bitcoin prices.[13][14]
Referencesedit
^Joshua Brustein (17 June 2014). "Is One Bitcoin Miner Controlling the Entire System?". Bloomberg.com. Bloomberg.
^Michael J. Casey and Paul Vigna (16 June 2014). "BitBeat: Mining Pool Rejects Short-Term Fixes To Avert "51% Attack"". WSJ Blogs.
^L.S. (20 January 2015). "How bitcoin mining works". The Economist.
^Alex Hern (16 June 2014). "Bitcoin currency could have been destroyed by '51%' attack". The Guardian.
^David Canellis (26 April 2019). "One mining pool controls a dangerously dominant share of BitcoinSV's hash rate". The Next Web.
^Tim Hornyak (16 June 2014). "One group controls 51 percent of Bitcoin mining, threatening security sanctity". IDG PC World.
^Kevin Kelleher (23 December 2014). "The gold rush days of bitcoin mining are over, and not because of the price". Quartz.
^ abAlex Wilhelm (16 July 2014). "Popular Bitcoin Mining Pool Promises To Restrict Its Compute Power To Prevent Feared '51%' Fiasco". Techcrunch.
^"Bitcoin pool GHash.io commits to 40% hashrate limit after its 51% breach". ArsTechnica. 2014-07-16. Retrieved 2014-10-14.
^Bershidsky Leonid (17 July 2014). "Trust Will Kill Bitcoin". Bloomberg.com. Bloomberg View.
^Anthony Cuthbertson (17 July 2014). "Cryptocurrency News Round-Up: App Teaches Bitcoin to Children & GHash Commits to 40% Hashrate". International Business Times.
^Quentson, Andrew (June 15, 2014). "Bitcoin Mining Pool Ghash.io DDos-ed in Response to threat of 51% attack?". CCN. Retrieved 26 June 2023.
^Madore. "Ghash / CEX Scaling Back Mining Pool". CCN. Retrieved 26 June 2023.
^Rob Price (13 August 2015). "The 21 companies that control bitcoin". Business Insider.
ghash, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, news, newspapers, books, scholar, jstor, january, 2020, learn. This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources GHash io news newspapers books scholar JSTOR January 2020 Learn how and when to remove this template message GHash io was a bitcoin mining pool subsidiary of CEX io that operated from 2013 2016 The pool gained notoriety for briefly controlling more than 51 of bitcoin s computing power in 2014 notable in that bitcoin was supposedly outside any party s control 1 GHash ioIndustryBitcoin mining poolFoundedJuly 2013HeadquartersNetherlands Area servedWorldwideWebsiteghash wbr io Contents 1 History 2 51 attack controversy 3 References 4 External linksHistory editGHash io was founded and owned by CEX io a cryptocurrency exchange that continues to operate today Apart from mining bitcoin GHash io hosted a multipool for mining altcoins as well as separate pools for mining Litecoin Dogecoin Auroracoin and Darkcoin Altcoin mining options were available for independent miners while bitcoin mining could also be done in the cloud by purchasing cloud based mining power on CEX io citation needed Traders on CEX io could buy shares of GHash io mining hardware to operate on the GHash io mining pool After GHash io closed in 2016 CEX io continued operating as a bitcoin exchange citation needed 51 attack controversy editThe possibility of a 51 attack was feared due to the popularity of GHash io s mining pool This kind of attack occurs when a single miner or mining pool is able to mine multiple bitcoin block rewards in a row This would be a problem for the bitcoin network because it hypothetically allows the mining pool to double spend counterfeit bitcoins 2 In July 2014 the GHash io mining pool briefly exceeded the 51 threshold which forced the bitcoin community to discuss the possibility of finding a common solution to this threat 3 4 The pool developing the majority caused a prominent bitcoin developer Peter Todd to sell half of his holdings 5 The news reportedly caused bitcoin s price to drop from 633 to 600 at the time 6 Since no long term solution to the 51 problem is known the participants agreed to implement some temporary measures GHash io released a voluntary statement promising that it would not exceed 40 of the overall bitcoin hashrate 7 Moreover GHash io representatives asked other mining pools to follow their example for the sake of the entire bitcoin community 8 It also stated that a new committee should be created to act as a watchdog against the 51 problem This committee would include representatives of the mining pools bitcoin businesses and other specialists in the field The 51 discussion received broad coverage in the media beyond publications which commonly focus on cryptocurrency news 8 ArsTechnica 9 Bloomberg View 10 Vice Motherboard International Business Times 11 In March 2015 GHash io was struck by a crippling DDOS attack possibly in response to the group breaching 51 12 By the end of 2015 GHash io had stopped its mining activity in response to falling bitcoin prices 13 14 References edit Joshua Brustein 17 June 2014 Is One Bitcoin Miner Controlling the Entire System Bloomberg com Bloomberg Michael J Casey and Paul Vigna 16 June 2014 BitBeat Mining Pool Rejects Short Term Fixes To Avert 51 Attack WSJ Blogs L S 20 January 2015 How bitcoin mining works The Economist Alex Hern 16 June 2014 Bitcoin currency could have been destroyed by 51 attack The Guardian David Canellis 26 April 2019 One mining pool controls a dangerously dominant share of BitcoinSV s hash rate The Next Web Tim Hornyak 16 June 2014 One group controls 51 percent of Bitcoin mining threatening security sanctity IDG PC World Kevin Kelleher 23 December 2014 The gold rush days of bitcoin mining are over and not because of the price Quartz a b Alex Wilhelm 16 July 2014 Popular Bitcoin Mining Pool Promises To Restrict Its Compute Power To Prevent Feared 51 Fiasco Techcrunch Bitcoin pool GHash io commits to 40 hashrate limit after its 51 breach ArsTechnica 2014 07 16 Retrieved 2014 10 14 Bershidsky Leonid 17 July 2014 Trust Will Kill Bitcoin Bloomberg com Bloomberg View Anthony Cuthbertson 17 July 2014 Cryptocurrency News Round Up App Teaches Bitcoin to Children amp GHash Commits to 40 Hashrate International Business Times Quentson Andrew June 15 2014 Bitcoin Mining Pool Ghash io DDos ed in Response to threat of 51 attack CCN Retrieved 26 June 2023 Madore Ghash CEX Scaling Back Mining Pool CCN Retrieved 26 June 2023 Rob Price 13 August 2015 The 21 companies that control bitcoin Business Insider External links editOfficial website Portals nbsp Internet nbsp Economics nbsp Free and open source software Retrieved from https en wikipedia org w index php title GHash io amp oldid 1211182890, wikipedia, wiki, book, books, library,
