Ghash.io

0
Regal Wallet Banner

Ghash was a Bitcoin mining pool that people used from 2013 to 2016. It became famous for achieving more than 51% of Bitcoin’s total computational power in 2014. CEX.io owned Ghash.io and still exists today as a cryptocurrency exchange. People could join Ghash.io’s cryptocurrency mining pools. They were able to mine Bitcoin, Litecoin, Dogecoin, Auroracoin, and Dogecoin via these mining pools. Users could also take part in cloud mining and buy shares in Ghash.io’s mining hardware.

Ghash.io’s Possible 51% Attack

Ghash.io’s mining pool became so popular that it controlled over 51% of the Bitcoin mining power in 2014. The Bitcoin community feared a 51% attack at that point. A 51% attack occurs when a single mining pool or miner can mine multiple Bitcoin block rewards sequentially. This was problematic because it allowed Ghash to double-spend Bitcoins. This means that Ghash.io could spend the same Bitcoins more than once. 

Ghash.io voluntarily lowered its hash rate to 39,99% and stated that it would never exceed 40% of the total Bitcoin mining power again. They asked other mining pools to do the same if they would be in the same situation for the sake of the Bitcoin community. 


Methodology
Business24-7 aims to help those interested in cryptocurrency make safe and informed investing decisions. We are dedicated to offering our readers unbiased reviews of leading cryptocurrency exchanges for traders at all levels. Cryptocurrency exchanges are included in our reviews if they are safe, liquid, regulated by proper authority, or decentralized. 

Disclaimer
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

Previous articleFinancial Cryptography
Next articleWhat is ICON?
Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

LEAVE A REPLY

Please enter your comment!
Please enter your name here