Bitcoin’s Hashrate Concentration Exceeds 51% in Two Mining Pools
Bitcoin's decentralization is under scrutiny as two mining pools now control over 51% of its hashrate. This concentration raises concerns about a potential 51% attack, threatening the security model of Bitcoin.
Key Points
- Jacob King from WhaleWire highlights the risk of centralization mirroring events from 2014 when GHash.io controlled a similar share.
- The previous incident led to an 87% drop in BTC values amid community panic and developer warnings.
- King suggests that current conditions could trigger a collapse in BTC's value, with large investors, including Michael Saylor, seemingly preparing for exits.
- Concerns focus on the fragile structure of the market, reliant on unstable inflows and narratives.
- Analyst Fiege_max predicts an 85% chance that BTC has peaked at $123,000, advising traders to prepare for a challenging market ahead.
