Bitcoin Just Got Invaded By A “Big, Unknown Miner,” What’s Happening?


Bitcoin, the world’s largest cryptocurrency community whose coin, BTC, is probably the most worthwhile, appears to have been invaded by an unknown miner. And the neighborhood has the brand new visitor on their radar.

Unknown Miner Dominates

In the previous few hours, the entity has not solely plugged into the community however has proceeded to mine a number of blocks, getting rewarded with the dear 6.25 BTC.

What’s intriguing is that trackers can not select the true identification of the miner who has usurped the established swimming pools corresponding to Binance Pool, AntPool, and even large mining farms like Foundry USA.

For the final day, the miner has verified over 10 Bitcoin blocks, incomes over 65 BTC value over $1.7 million at spot charges.

Whereas there’s a probability {that a} “massive” participant is new to Bitcoin and has plugged in probably 1000’s of mining rigs to remain aggressive and confirm blocks efficiently, it’s nearly possible that the “unknown” entity is a mining pool.

In proof-of-work networks like Bitcoin, a bunch of miners, that’s, retail people working mining nodes, can be part of palms and merge their computing energy known as hash fee in “swimming pools.” At any time when they do that, they stand an opportunity of verifying a block of BTC transactions.

In return, the community routinely rewards them with not solely the block rewards of 6.25 BTC but additionally charges related to the block. Though uncommon, charges collected in a block could also be over 50% of the block reward distributed from the protocol degree.

With the Bitcoin hash fee consistently rising and extra miners pouring in, mining swimming pools dominate. Nonetheless, a number of swimming pools are tailor-made to satisfy the wants of varied miners. Relevant charges, reliability, and the dimensions of their hash fee are some issues which will additionally have an effect on status. Nonetheless, over time, a number of the greatest embrace AntPool and ViaBTC.

Is This F2Pool?

It’s speculated that the “unknown” entity is F2Pool. The error is displayed on trackers as a result of “Mempool’s attribution logic is simply lacking them.”

Whether or not this can even become true or false will later be verified.

It is because attribution “will depend on who the miner says they’re. It’d be simple to impersonate one other pool and never assured that that pool would discover and deny it was them”.

F2Pool is among the oldest and largest mining swimming pools on the earth.

In keeping with knowledge from mempool.area, the pool controls 8.19% of the overall Bitcoin hash fee.

Whereas it’s common, latest knowledge exhibits there may have been a hitch within the attribution logic. Trackers present that the final time F2Pool mined was in late Could 24.

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