Bitcoin Just Got Invaded By A “Big, Unknown Miner,” What’s Happening?

Bitcoin, the world’s largest cryptocurrency community whose coin, BTC, is probably the most priceless, 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 valuable 6.25 BTC. 

What’s intriguing is that trackers can’t pick the true identification of the miner who has usurped the established swimming pools resembling 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.

Whereas there’s a probability {that a} “large” 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 seemingly that the “unknown” entity is a mining pool.

In proof-of-work networks like Bitcoin, a gaggle of miners, that’s, retail people working mining nodes, can be part of palms 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 collected in a block could also be over 50% of the block reward distributed from the protocol degree. 

With the Bitcoin hash fee consistently rising and extra miners pouring in, mining swimming pools dominate. Nonetheless, a number of swimming pools are tailor-made to satisfy the wants of varied miners. Relevant charges, reliability, and the dimensions of their hash fee are some concerns which will additionally have an effect on fame. Nonetheless, over time, a few of the largest embody 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 even turn into true or false will later be verified. 

It’s because attribution “is determined by 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 among the oldest and largest mining swimming pools on the planet. 

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

Whereas it’s widespread, latest information exhibits there may have been a hitch within the attribution logic. Trackers present that the final time F2Pool mined was in late Could 24.

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