Bitcoin Cash is not decentralised! ...92% of the blocks are mined by only 2 miners
Bitcoin Cash is essentially not a decentralised cryptocurrency. It is actually 100% centralized.
I've reviewed the last 50 mined blocks on the Bitcoin Cash network (see table below) and I noticed all of them were mined by only 3 anonymous miners. And 46 of the last 50 blocks were mined by only 2 miners (or mining pools).
All the block rewards of the last 50 blocks were going to these 3 BCH addresses:
- 25 blocks were mined by 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW
- 21 blocks were mined by 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe
- 4 blocks were mined by 1KE2oXwNTe7SQ3vi8TpbcAu5AhDYBnviFX
With only 2 or 3 active miners Bitcoin Cash is basically just a centralised database. Mining is a pure waste of energy in this case. In addition, a 51% attack is a serious threat. If a single miner generates more than 51% of the blocks he is able to perform a double spend attack.
Here is the full list of the last 50 blocks:
| Block | Date & Time | Receiver of the block rewards |
|---|---|---|
| 479472 | Aug 16, 2017 16:04:35 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479471 | Aug 16, 2017 15:51:45 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479470 | Aug 16, 2017 15:11:45 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479469 | Aug 16, 2017 13:54:13 | 1KE2oXwNTe7SQ3vi8TpbcAu5AhDYBnviFX |
| 479468 | Aug 16, 2017 13:24:00 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479467 | Aug 16, 2017 12:40:47 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479466 | Aug 16, 2017 12:39:04 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479465 | Aug 16, 2017 12:21:12 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479464 | Aug 16, 2017 11:44:10 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479463 | Aug 16, 2017 11:27:39 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479462 | Aug 16, 2017 11:16:23 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479461 | Aug 16, 2017 9:56:47 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479460 | Aug 16, 2017 9:51:03 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479459 | Aug 16, 2017 9:46:15 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479458 | Aug 16, 2017 9:40:27 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479457 | Aug 16, 2017 9:37:31 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479456 | Aug 16, 2017 9:12:05 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479455 | Aug 16, 2017 9:08:01 | 1KE2oXwNTe7SQ3vi8TpbcAu5AhDYBnviFX |
| 479454 | Aug 16, 2017 9:05:20 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479453 | Aug 16, 2017 8:40:51 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479452 | Aug 16, 2017 8:30:48 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479451 | Aug 16, 2017 8:01:45 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479450 | Aug 16, 2017 7:52:51 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479449 | Aug 16, 2017 7:50:14 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479448 | Aug 16, 2017 7:18:00 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479447 | Aug 16, 2017 7:14:06 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479446 | Aug 16, 2017 7:06:38 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479445 | Aug 16, 2017 6:44:07 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479444 | Aug 16, 2017 6:22:40 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479443 | Aug 16, 2017 5:43:30 | 1KE2oXwNTe7SQ3vi8TpbcAu5AhDYBnviFX |
| 479442 | Aug 16, 2017 5:16:11 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479441 | Aug 16, 2017 5:06:35 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479440 | Aug 16, 2017 4:45:49 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479439 | Aug 16, 2017 4:33:31 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479438 | Aug 16, 2017 4:32:46 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479437 | Aug 16, 2017 4:27:14 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479436 | Aug 16, 2017 4:03:50 | 1KE2oXwNTe7SQ3vi8TpbcAu5AhDYBnviFX |
| 479435 | Aug 16, 2017 3:59:32 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479434 | Aug 16, 2017 3:24:38 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479433 | Aug 16, 2017 3:22:38 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479432 | Aug 16, 2017 3:04:45 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479431 | Aug 16, 2017 3:02:01 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479430 | Aug 16, 2017 2:45:45 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479429 | Aug 16, 2017 2:27:55 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479428 | Aug 16, 2017 2:25:59 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479427 | Aug 16, 2017 2:25:27 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479426 | Aug 16, 2017 2:13:58 | 1BgatB78WrFLdCgnPnBqiDcNFFA46jkPZe |
| 479425 | Aug 16, 2017 2:11:07 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479424 | Aug 16, 2017 2:09:00 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
| 479423 | Aug 16, 2017 2:07:09 | 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW |
Image source
What a joke this is. Although we could have seen this coming of course. When they announced they would invoke a hard fork we knew then and there it was one big miner splitting of from the BTC group which would have all the mining power as little ones trickle in only. Great stuff to notify people though. This currency in its current form is not just another alt, its also dangerous.
Agreed. I had no idea but it makes sense. Thanks to @penguinpablo for even thinking to look.
And now bcash just forked to drop the mining difficulty! Wow talk about manipulation and centralization.
What do you think, how decentralised was mining Bitcoin in January 2009? Wait a couple months and look at Bitcoin Cash mining again.
Of course there were almost no Bitcoin miners back then, but the price of Bitcoin was also at ~ $0.001. Bitcoin was yet unknown and because it was worth almost nothing, no one had an incentive to perform a double spend attack. A 51% attack is a serious threat now for Bitcoin Cash.
It's definitely a little too centralized at the moment, but If the 2x upgrade doesn't go through in November on the main chain, I would expect to see a lot more miners on Bitcoin Cash.
word
well,
three miners found last 50 blocks, with no one mined more than 50%, none of them found more than seven blocks in a row - with the exchanges demanded twenty confirmations to deposit the coins, so it's impossible to perform the double spending.
With more than 700 nodes Bitcoin Cash can't be called "a centralised database"
very interesting i think they will fix this in the future
It's a FUD post. You should mention that it's the same protocol as bitcoin so every other miner can join and the reason right now miners are not many is only because it's new and not many miners support it. With that view, Steemit is also centralized.
Wtf? 92% of the mining by 2 is centralized. In Steemit you have dozens witnesses 120000 users and who knows how many miners...
New coins tend to start centralized. As new participants join that changes. Bitcoin started with only 1 person mining it. If BCH can't get more people on board then is not worth it but it's too early to pass judgment.
No miners in Steemit anymore since the last update. Just witnesses ;)
I know how many miners. Zero. Also in BCH every user can join and start mining. Can you start witnessing in Steemit without the votes from high SP holders? No problem with Steem though I just used it as a comparison to point out that author is not being fair.
This was expected at the start due to the difficulty. As the difficulty adjusts and it becomes profitable more miners will join. For now, yes it's a risk but BCH should outgrow this shortly.
True, though BTC went through a similar "one mining pool has nearly 50% of the total hash power" a couple of years ago the community rallied around to fix that. Some people by moving their hash power into other pools. That was back when there were a lot of small miners and they could make profits without having to buy into the economies of scale that come from a mining farm. That's no longer the case for BTC, and appears not for BCH right now. Until the other miners come along, the proportion of blocks going to two miners does reduce confidence in BCH.
The Ugly Truth Behind Steemit! https://decentralize.today/the-ugly-truth-behind-steemit-1a525f5e156
I wonder then what wrong with other alts even WorldCoin, Quark, Bytecoin and whatever it is? All they are copies of BTC and more have decentralized miners than BCC/BCH. Funny is that they are fast (e.g. 30 secs confirmations) and most are ASIC resistant!
30 secs confirmation doesn't mean they are fast. You just need more blocks to get the same certainty.
I don't understand the technicals enough, but I have had this theory: What if BitcoinCash is indeed controlled by one faction, who control more than 51% of the network. I have heard it said that in such a case, double spend actions are possible. Now, I don't know if such a double spend would show up clearly in the blockchain - but would this technically allow them to secretly 'create' extra BitcoinCash out of thin air, which can then be used to manipulate pretty much every other crypto price since they are all interlinked through market places? Maybe somebody can clear up if this is at all a possibility.
I wonder if it'll catch up to BTC.. Thanks for the info!
I think it will be decentralized more soon and will be beat bitcoin, because it has more advanced protocol!
This is always what I have said. No one will mine BCH and therefore it will be centralized.