MultiversX Tracker is Live!

Do mining pools decentralize Bitcoin?

Bitcoin Reddit

More / Bitcoin Reddit 187 Views

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.


Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments