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.
- 2014-10-22 02:55 PM
Why Tea is a Good Place to Start Bitcoin Adoption with Tealet Founder, Elyse Petersen. Tealet is an online farmers market for tea founded by food scientist Elyse Petersen. With an extensive background in the tea industry and with a dream of solving tea the production and distribution pr By Marija Odineca
- 2014-10-21 03:13 PM
PayPal Co-Founder Peter Thiel: ‘Unlike PayPal, Bitcoin Succeeded in Developing a Currency’. PayPal co-founder and venture capitalist Peter Thiel believes Bitcoin has succeeded as a currency, but still lacks as a payment system. By Diana Ngo
- 2014-10-21 09:10 AM
Bitcoin: US’ Next Unwinnable War? (Op-Ed). Will Hammer is the Libertarian Party candidate for the 6th Congressional district in Virginia. “The only special interest Will will serve is you, the individual,” reads Will’s official website. By Will Hammer
- 2014-10-24 10:04 AM
Florida Law Firm Files Two Lawsuits against Cryptsy and Bitcoin Savings & Trust. Florida Law Firm, Silver Law, has filed lawsuits against two Bitcoin companies on behalf of users who claim damages due to either company negligence or intentional intent. By Ian DeMartino
- 2014-10-21 04:49 PM