Top 5 Bitcoin Miners Have Almost 90 Percent Hash Power!

Bitcoin is a decentralized fintech use case of distributed ledgers.

• When Satoshi Nakamoto mined the first block of Bitcoin, popularly known as the Genesis Block, who would guess that mining Bitcoin would make a trend in the Fintech world?

• Bitcoin being the first cryptocurrency, has secured its place at the top in the arena of cryptocurrencies.

The most prominent feature of Bitcoin and most other cryptocurrencies is that cryptocurrencies are decentralized with no centralized administration to control the functional processing of cryptocurrency transactions.

Recently, I came to know a terrible fact about Bitcoin miners!

The information about Bitcoin mining I will share today is not published in any public magazine or cryptocurrency news portal. A cryptology researcher has checked these facts.

The cryptology researcher found that Bitcoin has the top five miners who have the privilege of almost ninety percent of the hash power.

What does that mean?

The top five Bitcoin miners can misuse their huge hash power to collude and may rewrite Bitcoin transactions. If they want they can do huge harm!

The top Bitcoin miners own a lot of Bitcoin.

If they wish or need, they may try to re-write their Bitcoin transactions.

There is no proof we can show or see, but top Bitcoin miners hold huge hash power and can do a lot of harm.

• Since the Bitcoin mining node may be run by anyone who afford to spend money on the required computational infrastructure development for hash power nodes.

Although we assume that by definition of Bitcoin white paper, the Bitcoin transactions are impossible to be re-written (compromised), the truth may change with the huge hash power in the hands of the top Bitcoin miners!

Last thought, but not the final words!

• Cryptocurrency is a decentralized fintech tool with tremendous possibilities.

• The decentralized trait is the most likable feature of cryptocurrencies.

However, the top cryptocurrency miners hold huge hash power and can create a lot of problems, including quasi-centralized control over the network!

The facts are as per a cryptology researcher's deep research work on cryptocurrencies. I can't disclose the researcher's name because I promised not to mention it.

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About me

I am a researcher and contribute to the overlapping areas of STEAM (Science, Technology, Engineering, Arts, and Mathematics). I am an active user and promoter of GNU/Linux, Free and Open Source Software. I develop cybersecurity and information security solutions, specifically graphical authentication security.

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#cryptocurrency #bitcoin #BTC #decentralization #fallacies

Oct 21, 2023