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📊‍ Infographics
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Bitcoin Mining Is Becoming More Decentralized

  • Alex Dovbnya
    📊‍ Infographics

    With Bitmain’s Antpool now representing only 36 percent of the market, smaller mining pools have more room to breathe

Bitcoin Mining Is Becoming More Decentralized
Cover image via u.today
Contents

According to the most recent Diar report, smaller Bitcoin mining pools are gradually winning back their share of the market. Meanwhile, the number of actual mining pools has dramatically decreased in 2019.

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Big Bitcoin Mining Pools Losing Control as “Unknown” Miners Take Profit

Big Bitcoin Mining Pools Losing Control as “Unknown” Miners Take Profit

The blockchain reorg fears

The cryptocurrency community was caught off guard by the $40 mln Binance hack. This black swan event was followed by the suggestion to reorganize the Bitcoin blockchain, which was voiced by Binance CEO Changpeng Zhao himself. The fact that a single cryptocurrency exchange could possibly pull a deliberate 51 percent attack by joining forces with mammoth-sized mining pools was far more frightening than the hack itself.

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10 Popular Bitcoin Mining Pools

10 Popular Bitcoin Mining Pools

Smaller pools come to the rescue

On a positive note, the aforementioned Diar report shows a new positive tendency – big-name mining pools are gradually losing their dominance. In April, smaller mining pools were responsible for 23 percent of the total hashing power, which makes it more difficult to pull off a coordinated attack (like the one that was planned by Binance).

The share of Bitmain’s Antpool has dwindled from 51 percent in March 2018 to 36 percent in March 2019.

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Popular Cryptocurrency for Mining in 2019 - Updated

Popular Cryptocurrency for Mining in 2019 - Updated

Many pools are out of business

However, despite the fact that smaller mining pools now get a bigger piece of the cake, the actual amount of pools continues to decrease. There are 400 fewer Bitcoin mining pools in 2019 compared to the previous year. Their exodus shouldn’t come as a surprise if one considers the state of the industry at the beginning of the year.

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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📰 News
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Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing

  • Alex Dovbnya
    📰 News

    Google's quantum computer is still too primitive to pose a threat for Bitcoin's cryptography, but things could escalate quickly

Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing
Cover image via www.123rf.com
Contents

According to a new research paper published in science journal Nature, Google's quantum computer is able to perform calculations in just three minutes. To put this into perspective, it would take the fastest supercomputer about 10,000 years to perform the same operation, which signifies a major tech milestone for the search behemoth. 

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Close to Heresy: Mike Novogratz Shreds Binance CEO, Vitalik Buterin Joins the Fray

Google achieves "quantum supremacy"

Back in September, the Financial Times reported that Google has managed to achieve "quantum supremacy," which means that its beast is able to perform calculations that would be impossible to pull off with any other computer. 

However, technology is still way too fragile for commercialization, which is unlikely to happen anytime soon. There is hardly any practical application for quantum computers, but they do have great potential for disrupting a lot of industries, such as finance and transportation.   

Considering that the Trump administration has funneled a whopping $1.2 bln into the development of quantum computing, it might stop being just a buzz word. 

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It Would Take Several Seconds to Hack Every Cryptocurrency in the Nearest Future

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Will Google's quantum success affect Bitcoin

There is also one notable application for quantum computing -- hacking Bitcoin. The headlines about Google's super-powerful juggernaut has made many wonder whether Bitcoin, whose value derives from the immutability of its Blockchain, is in danger. 

However, ex-Bitcoin Core developer Peter Todd reassured the confused crypto crowd that Google was nowhere near breaking the top coin's cryptography. On top of that, it's not even clear whether quantum computers could potentially be scalable enough for commercial use. 

Bitcoin evangelist Andreas Antonopoulos also opined that Google's quantum breakthrough would have no impact on the orange coin. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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