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Do mining pools decentralize Bitcoin?

Bitcoin Reddit

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If a pool has greater than 50% of the network hashrate, they could double spend (this is referred to as a "51% attack"). Since a double spend would devalue the coin, because people would loose faith in it, it makes more sense for pools to collect mining fees instead.

Pools do run nodes and therefore have a "say" in BTC's future but since a pools hashrate inherently comes from outside miners, if those miners don't like the power the pool has over the network, the miners would just switch pools. So at the end of the day the power over the network is always with the miners.


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