Ghash.io still cagey on mining reformsby Cyril Gilson @ 2014-06-13 11:24 AM
In light of the fervor generated by Ghash.io last week, the mining pool has finally spoken defiantly regarding its second near-50% control of Bitcoin hashing power.
Responding to interview questions by Cryptocoinsnews, Ghash.io Chief Information Officer Jeffery Smith had neither cause to be concerned nor apologetic about recent events:
“We have invested all our effort, time and money into the development of the Bitcoin economy. We agree that mining should be decentralised, but you cannot blame GHash.IO for being the #1 mining pool.”
CoinTelegraph reported last week on the community uproar in response to history repeating itself. At the time, no response could be heard from Ghash.io, and no official statement has been released to this date.
The pool did release comments following the first instance of mining power imbalance in January, which focussed mainly on reiterating its commitment to the stability of the Bitcoin network, but Smith’s comments this time provide little reassurance.
Indeed, using popularity to shed a positive light on undesirable power is a technique used by many an indicted enterprise in times gone by, and Cryptocoinsnews notes that Ghash.io has “yet to fulfil [the] basic promise” put forward in its own mitigation plan six months ago.
In the plan, “Ghash.io promised to allow Cex.io customers point their hashing power towards other pools to mitigate the blatant centralization of mining power under one pool,” but as recent events have shown, there is as yet no progress in this direction.
Smith, however, mentions that the pools will “soon ... present a valid solution to this problem.” Whether this will take the form of that which was previously promised is yet to be seen, but an alternative solution to limiting raw mining power seems difficult to envisage.
“We strongly believe that Bitcoin mining should be decentralized,” Smith added.
- 2015-02-27 11:17 AM
American Green President: 'We Need a Healthy, Stable, Bustling Bitcoin Economy'. American Green became the first publicly traded medical marijuana dispensary brand in the world in 2009. Since then, the company has developed retail, brand, and commercial cultivating solutions in pa By Allen Scott
- 2015-02-27 01:06 PM
FEB 27 Digest: Gavin Andresen Seeks to Speed Up Block Validation, Coinsetter Aims to Improve Trade with BTC Blockchain. Bitcoin Foundation Chief Scientist and former lead developer of Bitcoin Core, Gavin Andresen, believes to have come up with a solution to vastly speed up block validation, the global bitcoin exchange By Aaron van Wirdum
- 2015-02-27 04:16 PM
First Global Credit Launches Trading Competition with 10BTC Prize Fund. First Global Credit announces a 10BTC trading fund for the winner of a market trading competition. From March 16, users taking part will have a month to trade their way through global financial market By Charlie Richards
- 2015-02-27 09:29 PM
BitLicense Creator Ben Lawsky Warns of Potential Financial 'Cyber 9/11'. Ben Lawksy, the author of New York's controversial BitLicense bill and the New York Superintendent of Financial Services, has warned of a possible “cyber 9/11” type attack against US banking. By Charlie Richards
- 2015-02-28 10:50 AM