Mining Pool BTC.Top Briefly Controls Over 51% of Bitcoin Cash's Hashrate

BTC.Top, a popular cryptocurrency mining pool, has recently hit a high of 54% of Bitcoin Cash’s hashrate, before seeing it recede. According to some users the mining pool has just been going after profitability, although any pool having over 51% of the hashrate could be cause for concern.

According to data from Coin.Dance, BTC.Top managed to mine over 54% of the blocks on the Bitcoin Cash network for a brief period of time, before seeing its hashrate go down. At press time, data shows in the last 24-hour period it mined 47% of blocks on the network.

Having over 51% of a network’s hashrate is seen as negative by many, as it could allow the entity controlling the majority of, in this case Bitcoin Cash’s hashrate, to pull an attack on the blockchain and double-spend coins.

This essentially means every network participant is forced to trust the mining pool not to attack Bitcoin Cash. Notably, BTC.Top is believed to have recently thwarted an attack on the network that sought to steal coins someone sent to a Segregated Witness (SegWit) address on the Bitcoin blockchain.

As such, network participants seemingly trust the mining pool was only mining the most profitable cryptocurrency on the SHA-256 algorithm, and wasn’t trying to act maliciously. This, however, doesn’t mean it couldn’t.

Various cryptocurrencies have suffered 51% attacks in the crypto space’s short history, including Verge (XVG), Bitcoin Gold (BTG), and Ethereum Classic (ETC). ETC suffered one of the most notable attacks, as hackers compromised one of the most popular networks in the space to double-spend coins worth over $1.1 million.

While BTC.Top heavily mines Bitcoin Cash, it revealed back in November of last year, before the hard fork that created Bitcoin Satoshi’s Vision (BSV) occurred, that it was apolitical and would support the blockchain with the most hahspower.

At the time Jiang Zhouer, the Chinese cryptocurrency mining pool’s founder, revealed BTC.Top’s goal was to recover stability for Bitcoin Cash, which at the time was engaged in a “war” between two sides.

On BSV’s side there are also concerns about a potential 51% attack. As covered, CoinGeek has reached the necessary hashrate to attack the network more than once, but hasn’t done anything malicious.

Crypto Mining Hardware Manufacturer Canaan Downgrades IPO Target to $100 Million

Michael LaVere
  • Crypto mining manufacturer Canaan Creative has downgraded its IPO target price to $100 million.
  • The previous initial public offering filing had a target price of $400 million. 

Crypto mining machine manufacturer Canaan Creative has updated the terms of its initial public offering (IPO) filing to list shares on a U.S. stock exchange, which includes downgrading its target raise to $100 million. 

According to the updated filing with the U.S. Securities and Exchange Commission (SEC), Canaan has downgraded its IPO from an original target of $400 million to $100 million. The IPO was first announced at the end of October, with Canaan looking to succeed in the launch of a public offering where it’s crypto mining rig competitor Bitmain had previously failed. 

The new filing states that Canaan is aiming to offer 10 million American depositary shares at a price of between $9 and $11 per share. The updated IPO price also pegs Canaan’s diluted market value at around $1.5 billion. Last week it was reported that Canaan had generated a Q3 profit of $13 million, compared to a total net profit of $8.3 million for all of 2018.

Assuming the IPO is a success, Canaan would become the first major bitcoin mining rig manufacturer to go public in the traditional stock market. 

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