BitMEX has released a new report saying that an unknown group controls a large portion of the bitcoin network’s hashrate. This has made some people worry that BTC mining takes over more key places. More and more people are worried about how a small group of people are getting too much power, which could threaten Bitcoin’s ability to run on its own.
The people who study at BitMEX say this is a very surprising finding. One company owns more than 47% of the BTC network’s hashrate. This means it has a lot of power over the digging process. What they said came from a post on X by someone named “mononaut.” In it, it’s said that this mystery person has stolen bitcoins from nine big mining pools, which are ULTIMUSPOOL, BTC.com, Braiins, AntPool, F2Pool, Binance Pool, SECPOOL, and Poolin. It also talks about how Luxor has made money for it.
Many computers working on mining at once are a big problem for the safety and freedom of the Bitcoin network. Tech expert Alex Bergeron wrote a piece for Bitcoin Magazine about how mining pool operators are making the problem of centralization worse by changing when payouts happen to make up for the funds that were lost.
Bitcoin’s Backbone The Financial Imperative of Sustaining Mining Power
BitMEX researchers stressed how important it is for the mining sector to have enough funds to keep this amount of power. There is a 95% chance that a pool with 50% of the hashrate will stay alive for a year if it has at least 400 Bitcoins (BTC) in backup. In the same way, a pool with 5% of the hashrate would need 500 BTC to keep going.
It was tough for Bitcoin miners when block bonuses were cut in half, which usually means they got fewer funds. But they showed they could handle it. The CEO of CryptoQuant, Ki Young Ju, noticed this. But cryptocurrency makers’ profits are said to have dropped to levels that remind people of the beginning of 2023. Small-scale mines are more likely to have trouble in the future because of this.
Bitcoin’s main ideas of freedom and security are still being debated, and this large group of mining power brings them to light. If you want to keep Bitcoin safe from outside threats and keep its stability as it grows, you may need to do something about the mining concentration.
