Blockstream, the major crypto company which is very important in the Bitcoin Core development, now hosts bitcoin miners in two facilities reaching 300% more hashpower than the entire bitcoin cash network as we are reading today in the latest cryptocurrency news.
According to Kyle Torpey who is a writer for Forbes, Blockstream is a major player for the Bitcoin Core development. The company employs BetterHash which is an improved mining management software by Matt Corallo who is also very important in the Bitcoin development as he is the maintainer of Bitcoin’s Ubunty repository. Betterhash has a very important feature which is to give the miner of the block rather than the entire pool the power to choose which transaction is included in the bitcoin blockchain. This improves the centralization problem that Bitcoin mining faces. Torpey put it:
“While Bitcoin mining is rather centralized in terms of mining pools, the picture looks much better in terms of the diversity of entities that are actually operating the hardware. Putting individual miners in control of transaction selection means collusion in terms of transaction censorship, blockchain reorganizations, or other types of 51% attacks on the network would be much more difficult.”
The issue of centralization is very important to cryptocurrency because when something is less decentralized it is harder to shut it down. Blockstream is currently open for clients in their new facilities both of which are located in North America. One is in Canada and the other is Adel, Georgia. The miners pay the company to have their equipment stored and managed. The company now has about 6 exahash of Bitcoin mining equipment which means that it has about 300 percent of the hashpower represented on the entire Bitcoin Cash network. Blockstream’s hashpower only accounts for a small amount of the total Bitcoin mining network but Bitcoin added a huge part of the hashpower recently pushing the total network security to more than 80 exahash. The CSO of the company Samson Mow stated for the altcoin news:
“[B]y leveraging the BetterHash protocol in our mining pool, all of our customers can run their own full-nodes and build block templates. This means the pool cannot use their hashrate for censoring transactions or falsely signaling readiness for Bitcoin protocol upgrades – which has happened in the past as with SegWit2x.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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