8/12/2019 Bitcoin 'Mining Pool' Promises to Stay Small

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Bitcoin 'mining pool' promises to stay sma

ll

A customer confrms receipt o a bitcoin purchase with cash using a bitcoinautomated teller machine (ATM) at the CoinSummit Virtual Currency coner

ence in London !"#"

$%& '# ** The largest group o bitcoin miners which maintains and proc

esses transactions in the digital currency is promising to a+oid ma,ority cont

rol o the currency as a temporary measure to maintain the payment syste

m-s credibility"

Mining pool ./ash"0 which is controlled by a 1ritish company C%2"0 Ltd"

said Tuesday that it would not amass more than 34 percent o the processin

g power o the bitcoin system" %arlier this summer it brie5y e6ceeded 74 pe

rcent"

Miners operate the computers that 8eep trac8 o bitcoin transactions" As a r

eward they recei+e newly minted coins" A miner that controls more than 74

8/12/2019 Bitcoin 'Mining Pool' Promises to Stay Small

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percent o bitcoin processing could control the 5ow o transactions ree9e p

eople out o the networ8 and 8eep all uture bitcoins or itsel" /owe+er that

would undermine the useulness and credibility o the system potentially ma

8ing bitcoins worthless"

Changes to the sotware ha+e been proposed to a+oid the problem o a :7; p

ercent attac8: but C%2"0 said it isn-t :able to sol+e the problem in a long*te

rm perspecti+e ta8ing into account interests o e6isting mining pools indi+i

dual miners and bitcoin community":

The company is setting up a committee o ma,or bitcoin mar8et players to de

+elop a technical solution or the problem"

1itcoins allow people to send money o+er the 0nternet without going through

ban8s" Transaction costs are low but it also means the currency is useul or

illegal acti+ities such as money laundering and drug sales" 1itcoins ha+e also

become a target o speculators betting on the currency-s continued run*up" 0

ts +alue has grown a hundredold in the last two years"

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