• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
bitcoin btc options

Bitmain Approaching 51% of Total Bitcoin Network Hashrate

Kyle Baird
by Kyle Baird
7 years ago
·
Posted in Bitcoin, ASIC miners, Mining, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin Mining giant Bitmain has mined 42% of all Bitcoin blocks this past week, steadily moving closer to controlling a majority 51% of th network hash rate. 


Bitmain Moves Closer to 51%

ASIC manufacturer and cryptocurrency mining giant Bitmain — claimed 42% of the total blocks found on the Bitcoin network from the past week. BTC.com and AntPool, which are both owned by Bitmain, currently comprise 26.6% and 15.3% of the network hash rate, respectively.

Bitmain Technologies Ltd. — the Beijing based Bitcoin mining company reported astonishing profits in 2017, taking in between $3 and $4 billion.

Bitmain has a big leg up on its competitors by manufacturing and using its own products in the mining process. It manufactures application-specific integrated circuits (ASIC) miners that are able to mine Bitcoin at a faster rate than high-end graphics processing units (GPU).

It also operates mining pools, where miners can join their efforts and ultimately cut down on their mining costs — as well as offering cloud mining services that allow miners to remotely rent out mining power from its mining farms.

Bitmain also mines Bitcoin Cash (BCH) with its ASIC miners — as BTC and BCH run on the same algorithm. If Bitmain were to halt mining BCH and instead used 100% of its resources for mining BTC, it could theoretically reach around 45% of the total Bitcoin hash rate.

This is quite close to the majority 51% number. This would theoretically put Bitmain in position to perform a 51% attack on the Bitcoin network to censor transactions or perform double-spends.

The Sky Is Falling — But Probably Not

The number 51% makes many people in the cryptocurrency space quite nervous. It’s a number often associated with loss of decentralization and immutability. What would happen if Bitmain were to reach 51%, and what are the possible ways of keeping Bitmain out of a singular majority position?

It wouldn’t be the first time in Bitcoin’s history that 51% was achieved by one company, however. In 2014 — mining company Ghash crossed the 51% mining pool threshold, causing a big controversy in the community.

Bitmain Looking to Launch Canadian Bitcoin Mining Operation

One solution that Ghash proposed was to ask miners to move their resources into different mining pools, taking the majority advantage away. It also urged any company in the same situation in the future do the same. It would be a slightly different situation, however, with Bitmain, as they are one large mining corporation and Ghash was a collective of many small miners.

Another unlikely solution would be to change the Bitcoin Proof-of-Work (PoW) algorithm. This is quite unlikely due to the security issues that could arise. A similar situation happened after cryptocurrency Monero hard-forked into a proof of work algorithm that left the community divided in regards to the true goals and vision for the project.

At the end of the day — it does not seem like there is much fear of Bitmain executing a 51% attack even if they cross the threshold, as the incentive to not attack the network exists for the mining giant. The greater fear would be the vulnerability to a hack from the outside or a rogue team member creating problems.

What are your thoughts on Bitmain being so near to 51% of the total Bitcoin network hashrate? Let us know your thoughts in the comments below!


Images courtesy of Shutterstock 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Kyle Baird

Kyle Baird

Follow

Full Profile

Related Posts

นักลงทุนฉลองในห้องโถงอนาคต ท่ามกลางรูปปั้น Bitcoin

Bitcoin แกว่งใกล้ 121K ดอลลาร์ นักลงทุนลุ้นเงินกองทุนไหลเข้าอาจหนุนราคาทะลุแนวต้านสู่ 130K

1 hour ago
Square

Square Pushes Bitcoin Adoption Further With Merchant Payment Solutions

11 hours ago
Цифровой рубль

ЕС готовит санкции против рублевого стейблкоина A7A5

17 hours ago
Luksemburg inwestuje w Bitcoina

Luksemburg inwestuje w Bitcoina przez fundusz państwowy

18 hours ago
BNB

Сезон мемкоинов на BNB набирает обороты

21 hours ago
Bitcoin

Bitcoin Is The Standard Now: Outperform It, Or Get Left Behind – CEO

1 day ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Maxi Doge นักสู้เหรียญมีมยืนโพสท่าในสังเวียนมวย

    Binance-Peg DOGE นำโด่ง Top 11...

    23 hours ago
  • Find Out Why Whales are Rushing to Buy Bitcoin Hyper’s $22M Presale—Plus, Our $HYPER Price Prediction.

    Find Out Why Whales are Rushing to Buy Bitcoin Hyper’s...

    1 day ago
  • ...

    2 days ago
  • Your Chance to Win Up to 10% Deposit Bonus and Up to 21K $USDT Bonus Prizes at KCEX

    Your Chance to Win Up to 10% Deposit Bonus and Up to 21K...

    2 days ago
  • 分析師稱 FARTCOIN 有望暴漲...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.