Bitcoin Simply Received Invaded By A “Massive, Unknown Miner,” What’s Occurring?

3 views 12:30 am 0 Comments May 25, 2023

Bitcoin, the world’s largest cryptocurrency community whose coin, BTC, is essentially the most precious, appears to have been invaded by an unknown miner. And the neighborhood has the brand new visitor on their radar.

Unknown Miner Dominates 

In the previous few hours, the entity has not solely plugged into the community however has proceeded to mine a number of blocks, getting rewarded with the dear 6.25 BTC. 

What’s intriguing is that trackers can’t pick the true id of the miner who has usurped the established swimming pools akin to Binance Pool, AntPool, and even big mining farms like Foundry USA. 

For the final day, the miner has verified over 10 Bitcoin blocks, incomes over 65 BTC price over $1.7 million at spot charges.

Bitcoin Price On May 24| Source: BTCUSDT On Binance, TradingView
Bitcoin Worth On Might 24| Supply: BTCUSDT On Binance, TradingView

Whereas there’s a probability {that a} “huge” participant is new to Bitcoin and has plugged in presumably 1000’s of mining rigs to remain aggressive and confirm blocks efficiently, it’s virtually possible that the “unknown” entity is a mining pool.

In proof-of-work networks like Bitcoin, a bunch of miners, that’s, retail people working mining nodes, can be a part of fingers and merge their computing energy known as hash fee in “swimming pools.” At any time when they do that, they stand an opportunity of verifying a block of BTC transactions. 

In return, the community mechanically rewards them with not solely the block rewards of 6.25 BTC but in addition charges related to the block. Though uncommon, charges gathered in a block could also be over 50% of the block reward distributed from the protocol degree. 

With the Bitcoin hash fee continuously rising and extra miners pouring in, mining swimming pools dominate. Nevertheless, a number of swimming pools are tailor-made to fulfill the wants of assorted miners. Relevant charges, reliability, and the scale of their hash fee are some issues that will additionally have an effect on fame. Nevertheless, over time, a few of the largest embrace AntPool and ViaBTC.

Is This F2Pool?

It’s speculated that the “unknown” entity is F2Pool. The error is displayed on trackers as a result of “Mempool’s attribution logic is simply lacking them.” 

Whether or not this may also transform true or false will later be verified. 

That is as a result of attribution “relies on who the miner says they’re. It’d be straightforward to impersonate one other pool and never assured that that pool would discover and deny it was them”.

F2Pool is without doubt one of the oldest and largest mining swimming pools on the earth. 

In keeping with knowledge from mempool.area, the pool controls 8.19% of the whole Bitcoin hash fee. 

Whereas it’s standard, latest knowledge exhibits there might have been a hitch within the attribution logic. Trackers present that the final time F2Pool mined was in late Might 24.

Function Picture From Canva, Chart From TradingView

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