Page Summary
Ghash was a Bitcoin mining pool that people used from 2013 to 2016. It became famous for achieving more than 51% of Bitcoin’s total computational power in 2014. CEX.io owned Ghash.io and still exists today as a cryptocurrency exchange. People could join Ghash.io’s cryptocurrency mining pools. They were able to mine Bitcoin, Litecoin, Dogecoin, Auroracoin, and Dogecoin via these mining pools. Users could also take part in cloud mining and buy shares in Ghash.io’s mining hardware.
Ghash.io’s Possible 51% Attack
Ghash.io’s mining pool became so popular that it controlled over 51% of the Bitcoin mining power in 2014. The Bitcoin community feared a 51% attack at that point. A 51% attack occurs when a single mining pool or miner can mine multiple Bitcoin block rewards sequentially. This was problematic because it allowed Ghash to double-spend Bitcoins. This means that Ghash.io could spend the same Bitcoins more than once.
Ghash.io voluntarily lowered its hash rate to 39,99% and stated that it would never exceed 40% of the total Bitcoin mining power again. They asked other mining pools to do the same if they would be in the same situation for the sake of the Bitcoin community.
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Stefan Grasic (Dipl.-Jur) is the owner of Business24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active stock, CFD, crypto and general investment researcher, advising blockchain companies such as Blockbird, GoCrypto, Hive Terminal at their start up level. Stefan began trading in 2010 as a college student. Money was tight,…