Critics Recommend Bitcoin Miners Abandon GHash Mining Pool

The volatile nature of the bitcoin cryptocurrency took another hit today, as its value dropped 5 percent down to £331 ($563 USD).

Growing concern of a bitcoin ‘armageddon’ continues to increase, as the GHash bitcoing mining pool now controls 51 percent of network mining power.

There is concern by financial backers that GHash has the ability to control transactions and bitcoin mining activities.  Furthermore, bitcoin developers are recommending miners leave behind GHash, even though GHash representatives said the company doesn’t plan to attack the network.

Here is what GHash said earlier in 2014:

“GHash.IO does not have any intentions to execute a 51% attack, as it will do serious damage to the bitcoin community, of which we are a part of.  On the contrary, our plans are to expand the bitcoin community as well as utilize the hashing power to develop a greater bitcoin economic structure.  If something happened to bitcoin as a whole it could risk our investments in physical hardware, damage those who live bitcoin and we see no benefit from having 51% stake in mining.”

If GHash is able to push bitcoin mining further – without harming the community – the one-year-old mining pool can garner even more support.  Only time will tell what will happen, with a growing number of critics calling for bitcoin supporters to transition to other pools.

Even though bitcoin value is open to drastic swings in value, many retailers, hotels, and restaurants accepting bitcoins.  However, central banks are recommending customers stay away from virtual currency – and if GHash retains 51 percent control – this will only further drive concern that bitcoins are vulnerable to outside influence.

Thank you Business Insider for providing us with this information.

Image courtesy of Huffington Post.