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.

Brave and bitFlyer Partner to Develop Crypto Wallet and 'Expand the Recognition of Cryptocurrencies'

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bitFlyer, the leading cryptocurrency exchange in Japan in terms of trading volume, has partnered with Brave Software, the organization behind the popular privacy-centric Brave browser, to launch a new cryptocurrency wallet and “'expand the recognition of cryptocurrencies'.”

According to an announcement published by bitFlyer, the cryptocurrency exchange and Brave will develop a “crypto asset wallet for Brave browser users.” The announcement does not add any details on the wallet, but speculators believe the wallet may be related to the browser’s BAT token rewards.

In Japan, Brave’s users cannot earn Basic Attention Token (BAT) rewards because of local regulations, and instead of Basic Attention Token Points (BAP), which cannot be traded for money or BAT.

The new cryptocurrency wallet could allow users to either earn BAT or convert their BAP to BAT or use them to buy other cryptoassets, for example. Speaking to Cointelegraph a Brave spokesperson stated:

At this point, we are using ‘points’ to reward users but there are some limits. [Through the partnership] we think it may be possible to go beyond that.

Details about the cryptocurrency wallet will be revealed on July 30 at an event in Tokyo, in which Brave’s founder and CEO Brendan Eich will participate. IT is set to mainly target advertisers. In the announcement, bitFlyer added it listed Brave’s BAT token in April of this year.

Brave, it’s worth noting, has been expanding its influence in Japan. Last month it partnered with Japanese esports team Rush Gaming to develop browsers exclusively for its users. Those who use Rush Gaming’s browser will earn BAP watching ads while surfing the web. Users can then use the points to support Rush Gaming.

Brave and bitFlyer will also be launching a joint marketing campaign to “expand the recognition of cryptocurrencies and blockchain technology.” The announcement reads:

We will also launch a joint marketing campaign to expand the recognition of cryptocurrencies and blockchain technology among our customers and to improve customer convenience.

As CryptoGlobe reported, BAT whales have been in an accumulation phase over the last few weeks, as the top ten BAT addresses have over a one-week period added nearly 6% of the cryptocurrency’s total supply to their wallets.

Featured image by Simon Rae on Unsplash.