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.

Bitcoin Mining Giant Bitmain Launches Sale of the 84 TH/s Antminer T19

Siamak Masnavi

On Monday (June 1), Chinese crypto mining giant Bitmain Technology Holding Company ("Bitmain") launched the sale of its latest ASIC-based SHA-256 miner, the Antminer T19.

Bitmain's press release, which was published as a post on its official blog says that the Antminer T19 uses "the same generation of custom-built chips found in the Antminer S19 and S19 Pro", thereby which means it highly suitable for mining cryptoassets such as Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV) that use the SHA-256 hashing algorithm.

So, how does the Antminer T19 compare wuth the older Antminer T17? Bitmain says that the Antminer T19 "greatly improves performance, allowing miners to achieve better efficiency and earnings."

The Antminer T19 also benefits from the new APW12 power supply and updated firmware (which should result in faster "start-up speeds").

The Antminer T19 went on sale on Bitmain's website at 03:00 UTC (or 11:00 Singapore time) on June 1. To stop hoarding and profiteering, there is a limit of 2 units per customer.

The 14.2Kg Atminer T19, which costs $1749.00, currently has a shipping date of 21-30 June 2020.

Here are a few other specs:

  • Hash rate: 84 TH/s +/- 3%
  • Electric Power Required: 3150W +/- 5%
  • Power supply AC input voltage: 200V-240V

Bitmain was founded in 2013 by Jihan Wu and Micree Zhan. In October 2018, Wu stepped down as the CEO of Bitmain, but a year later Zhan was fired, and Wu was officially reinstated as the company's sole CEO last December.