Bitmain subsidiary Antpool accused of artificially boosting Bitcoin Cash (BCH) price

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Geez you are going to kill us. Please stop at this level with those intros. We cant handle more: Bitmain was founded in China inand they create custom mining chips. They also run two of the largest mining pools in operation for Bitcoin: Pretty obvious that it Bitmain, although they have attempted to disguise their identity for the most part. This shows that Bitcoin Cash is extremely susceptible to a centralized attack vector. They would also be able to reverse transactions that were completed while they were in control of the network, meaning they could double-spend coins.

Why are they mining at a loss? I see 3 possible reasons, or a combination of all 3. If you read the Bitcoin reddit, popular opinion is that it is number 3, and not without good reason. Bitcoin is a decentralized network with no one person in control, this is a big contributing factor for years why a Bitcoin scaling solution could not be achieved even though one was required, because it requires the majority of users to act in agreement.

It was at a stalemate for years until the New York Agreement. Bitcoin Segwit, Bitcoin Segwit2x and of course Bitcoin cash. Many are also pointing at the EDA protocol that is unique to BCH, or the emergency difficulty adjustment as another attack to Bitcoin, pulling at Bitcoins hash power and more salt in the wound.

I would like to see 2x go through as was originally agreed, but not at the cost of a 3rd bitcoin. This is what decentralization is all about. Not having to have one person telling you how things should be. Another mining pool dropped out of signaling for the Nov HF. The NYA is breaking down due to lack of consensus with users.

But this is no reason to panic sell. Cryptocurrency is basically in the early s internet stage. Because only a few of my friends have heard of Bitcoin and none of Ethereum. If you are here already, congratulations. The future is bright. What is happening right now? They banned ICOs to introduce KYC and AML law, they may ban cryptocurrency exchanges temporarily to introduce other licenses, or start their own centralized one who knows.

For example, bitcoin may soon be looking at being smart contract enabled. With it, users can require that a transaction will go through only if one of two or more things happen. For instance, a transaction could be redeemable only after a certain period of time, or only once two users give their blessing. MAST also enables better user privacy, as it stores transaction data in a new way and doesn't reveal unused scripts to the public blockchain. And finally, it could also allow for increased scaling potential, since it enables less data to be stored on the blockchain.

Along that road we have a potential new player in the hash power of Bitcoin. For example, no commercially available products have chips based on this small of a size. Bitmain themselves ship their asic miners with 14 nm chips. AMD hope to ship their new graphics cards next year with 7nm. The increase in efficiency from 14 to 7 is said to be around 4-fold.

They could do a lot with very little if this works. That is a very big if though. Authors get paid when people like you upvote their post.

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TNW uses cookies to personalize content and ads to make our site easier for you to use. In an announcement made last Friday, Antpool informed its users it recently began burning 12 percent of all BCH mining rewards. Solely out of the generosity of their heart and as a gratitude towards the investors who have been HODLing BCH — or so they are saying. Antpool explains on its website:. While having active users spending BCH is very important for the ecosystem, having investors who hold BCH is also a fundamental requirement for maintaining a strong economy.

We believe that they too should profit from the growth of BCH by their continued stake in the Bitcoin Cash ecosystem. The transaction fees earned by miners are an important growth indicator of the BCH ecosystem, and if a portion of the fees are burnt, it is effectively miners sharing revenue with the entire BCH network. Outside of the BCH community, the efforts are being seen as an unjust attempt at manipulating the market.

This is not the first time that Bitmain is being accused of unfairly using its influence to temper with the market. Bitmain was involved in another controversy last month, when it became clear that its upcoming Antminer X3 ASIC mining rig specifically designed for privacy-oriented like Monero and Bytecoin might be useless by the time it starts shipping. Indeed, a few weeks later Monero tweaked its Proof-of-Work protocol, effectively rendering the machines unsuitable for XMR mining.

That said, the miners should still be compatible with other CryptoNight-based coins that is unless they update their hashing algorithms too. The attempts of Antpool to manipulate the market in this way are not be taken lightly. They highlight an important shortcoming of blockchain technology that has been a cause of worry since the beginning of cryptocurrencies.

While blockchain tech was designed to resist centralization and put control back into the hands of the masses, decentralized networks can still be dominated by large industry players that control the majority hash rate.

Published April 24, — April 24, — Antpool explains on its website: The efforts of Antpool appear to have made a positive impact on the BCH market. Neer Varshney April 24, —