Home Bitcoin Bitcoin Simply Bought Invaded By A “Huge, Unknown Miner,” What’s Taking place?

Bitcoin Simply Bought Invaded By A “Huge, Unknown Miner,” What’s Taking place?


Bitcoin, the world’s largest cryptocurrency community whose coin, BTC, is essentially the most worthwhile, appears to have been invaded by an unknown miner. And the group has the brand new visitor on their radar.

Unknown Miner Dominates 

In the previous few hours, the entity has not solely plugged into the community however has proceeded to mine a number of blocks, getting rewarded with the valuable 6.25 BTC. 

What’s intriguing is that trackers can not pick the true identification of the miner who has usurped the established swimming pools reminiscent of Binance Pool, AntPool, and even big mining farms like Foundry USA. 

For the final day, the miner has verified over 10 Bitcoin blocks, incomes over 65 BTC price over $1.7 million at spot charges.

Bitcoin Price On May 24| Source: BTCUSDT On Binance, TradingView
Bitcoin Worth On Might 24| Supply: BTCUSDT On Binance, TradingView

Whereas there’s a likelihood {that a} “huge” participant is new to Bitcoin and has plugged in probably 1000’s of mining rigs to remain aggressive and confirm blocks efficiently, it’s nearly doubtless that the “unknown” entity is a mining pool.

In proof-of-work networks like Bitcoin, a bunch of miners, that’s, retail people working mining nodes, can be a part of palms and merge their computing energy referred to as hash price in “swimming pools.” Every time they do that, they stand an opportunity of verifying a block of BTC transactions. 

In return, the community robotically rewards them with not solely the block rewards of 6.25 BTC but additionally charges related to the block. Though uncommon, charges amassed in a block could also be over 50% of the block reward distributed from the protocol stage. 

With the Bitcoin hash price consistently rising and extra miners pouring in, mining swimming pools dominate. Nonetheless, a number of swimming pools are tailor-made to fulfill the wants of assorted miners. Relevant charges, reliability, and the scale of their hash price are some concerns that will additionally have an effect on popularity. Nonetheless, over time, a few of the largest embody AntPool and ViaBTC.

Is This F2Pool?

It’s speculated that the “unknown” entity is F2Pool. The error is displayed on trackers as a result of “Mempool’s attribution logic is simply lacking them.” 

Whether or not this will even develop into true or false will later be verified. 

That is because attribution “relies on who the miner says they’re. It’d be straightforward to impersonate one other pool and never assured that that pool would discover and deny it was them”.

F2Pool is among the oldest and largest mining swimming pools on the planet. 

In accordance with knowledge from mempool.space, the pool controls 8.19% of the full Bitcoin hash price. 

Whereas it’s in style, latest knowledge shows there may have been a hitch within the attribution logic. Trackers present that the final time F2Pool mined was in late Might 24.

Characteristic Picture From Canva, Chart From TradingView

Source link


Please enter your comment!
Please enter your name here