Zain khan

2023/09/21 06:22

Mining pool ViaBTC controls over 51% of Zcash hash

Privacy coin Zcash is facing a hash rate consolidation crisis. 

ViaBTC, primarily known as a popular bitcoin mining pool, now controls over 51% of the hashing power on Zcash, according to MiningPoolStats.

The hashrate for Zcash, a proof-of-work network, is measured in giga solutions per second (Gsol/s) and ViaBTC is hashing at 4.53Gsol/s. 

F2pool is the next contender, but doesn’t really come close to ViaBTC. Miners on f2pool have captured 1.62 Gsol/s, representing just over 18% of the hash rate. 

Coinbase’s blockchain security team pointed out this consolidation of mining power on Sept. 15, and warned of possible risks to users transacting on Zcash.

“If a single miner or mining pool gains over 51% of the network’s hash power, it can introduce serious security vulnerabilities,” Coinbase wrote in a blog. “An entity could manipulate the blockchain in various ways — such as executing doublespend attacks or censoring transactions, potentially leading to a loss of user and exchange funds.”

Alurosu wrote a post on X, which was later reposted by Electric Coin Company (ECC) founder and chief executive Zooko Wilcox, appealing to anyone who knows Zcash miners who can possibly convince them to switch pools so as not to risk the integrity of the blockchain. 

#Guess the Top Gainer on HTX#Win 200 USDT: Share Your Take on HTX’s Q1 Report#Claim1,200 USDT in the Monthly Creation Challenge

21Partilhar