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Bitcoin May Be On Its Way To ‘Centralization’

30 Jul 2019

While we have always known that bitcoin’s USP is that, nobody owns it, chances are things might change soon. Recently, it emerged that bitcoin mining has become harder for anonymous people, as most of the mining is being taken up by giants such as Bitmain.News portal, Coinnounce revealed that currently, Bitmain is the largest company that produces Application Specific Integrated Circuit miners (ASIC), and along with that, they also control some of the biggest mining pools on the Bitcoin network. According to the portal, two companies,  BTC.com and Antpool are operated by Bitmain. Which would mean that currently there is just one major company that has taken over the bitcoin mining pool.The Chief Executive Officer (CEO) of Genisis mining and bitcoin mining veteran Marco Streng, recently, expressed his concerns regarding the ‘centralization’ that was facing bitcoin. He stated that the one way to address this issue was by upgrading the bitcoin mining protocol. Unfortunately companies such as Bitmain have made it difficult for amateur miners to operate.A sobering reality that currently faces us, is if somehow Bitmain manages to get over half the hashpower used for bitcoin mining, they will be able to alter older blocks and change transactions by fraudulent means.While that does not look like a very promising outlook, here’s some news that might reignite hopes. Earlier this year, we had reported that one of the most vocal critics of Bitmain was stating that there are plenty of angry investors, who may take some steps against the company.A Twitter thread by BTCKING555 whose Twitter bio reads, ‘Bitmainipo is a fraud’ had said, “There are now tons of pissed of Asian investors that were duped by Jihan to invest during summer at $12 – $14 bn with a promise of IPO at minimum $18 bn. Now many understand this is mirage and Jihan deceived them on numbers and outlook. His reputation is shit!”While we still don’t know what happened to this particular claim, it is safe to say, the mining pool’s reputation may be in tatters.Liked what you read? Join us on Telegram

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