SUBMIT PRESS RELEASE
  • Facebook
  • Twitter
  • LinkedIn
  • RSS
Coinfomania
  • News
    • Crypto
    • DeFi
    • NFTs
    • Regulation
    • Press Release
  • Beginner Guides
    • Bitcoin
    • Ethereum
    • Solana
    • NFTs
  • Price Analysis
  • Interviews
  • Crypto Swaps 🔥
  • Crypto Merch
  • About Us
  • News
    • Crypto
    • DeFi
    • NFTs
    • Regulation
    • Press Release
  • Beginner Guides
    • Bitcoin
    • Ethereum
    • Solana
    • NFTs
  • Price Analysis
  • Interviews
  • Crypto Swaps 🔥
  • Crypto Merch
  • About Us
Blockstream to Battle Centralization of Bitcoin Mining Power
Ibiam Wayas August 9, 2019 10:20 AM

Blockchain startup, Blockstream has plans to reduce the level of centralization of Bitcoin mining power according to a blog post dated Aug. 8th.

Blockstream as per the update has officially launched the first mining pool aimed at giving back more power to the individual miners through the BetterHash protocol.

The startup is understandably concerned regarding the geographical concentration of Bitcoin mining pools and will use the BetterHash protocol to allow individual miners to choose which transactions go into new blocks rather than the mining pool operators.

Such a move will make the Bitcoin network more resistant to any kind of blockchain reorganization or 51% attack, making it a more secure network of users.

Speaking about the role that the BetterHash protocol would play as Blockstream looks to reduce Bitcoin mining centralization, the firm’s CSO Samson Mow, said in a Forbes report,

“By leveraging the BetterHash protocol in our mining pool, all of our customers can run their own full-nodes and build block templates.”

Mow also had an answer to suggestions that creating a new mining pool to promote decentralization is in stark contrast to the fact that Blockstream was building huge Bitcoin mining data centers.

At the moment, the firm boasts  300 megawatts worth of energy capacity facilities located in Quebec, Canada, and Adel.

The firm currently boasts three facilities in Quebec, Canada and Adel that constitute a combined 300 megawatts worth of energy capacity, and can readily host enterprise-level mining activities, in addition to Blockstream’s mining operations. 

Mow said,

“I don’t believe Blockstream Mining poses centralization risks […..] We’re self-mining with just a small portion of our available power, with the rest allocated to customers, and we have plans to make the hosting service available to smaller miners that otherwise would not be able to mine effectively.”

Meanwhile, in a separate development, Coinformania reported that Bitfinex in collaboration with Blockstream will launch Tether on the Lightning Network.

Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!

About the Author

Ibiam Wayas View all posts by Ibiam Wayas

Ibiam Wayas is an optimistic crypto news reporter who also enjoys graphics designing and tech writing.

He is an introvert and loves to associate with like minds working on similar goal and ambitions. Ibiam spends much of his time on the internet studying facts that will help him excel in the digital economy.

« Previous Post
Next Post »
Press Releases
Orbeon Protocol (ORBN) Ready for a Price Rise as Monero (XMR) is Neutral and Decentraland (MANA) Struggles
Press Release

Orbeon Protocol (ORBN) Ready for a Price Rise as Monero (XMR) is Neutral and Decentraland (MANA) Struggles

TMS Network (TMSN) Emerges as Top Contender as Polygon (MATIC) and Cardano (ADA) Signal Bullish Momentum
Press Release

TMS Network (TMSN) Emerges as Top Contender as Polygon (MATIC) and Cardano (ADA) Signal Bullish Momentum

BetFury Launches iGaming Event With $1M Prize Pool
Press Release

BetFury Launches iGaming Event With $1M Prize Pool

The Best Altcoins for 2023 and Beyond: Dogecoin (DOGE), Shiba Inu (SHIB) and Collateral Network (COLT)
Press Release

The Best Altcoins for 2023 and Beyond: Dogecoin (DOGE), Shiba Inu (SHIB) and Collateral Network (COLT)

Beginner Guides
Who Are Crypto Whales? The Only Article You Need to Read
Beginner Guides

Who Are Crypto Whales? The Only Article You Need to Read

What Is Solend and How Does It Work?
Beginner Guides

What Is Solend and How Does It Work?

What is Polkadot (DOT) and How to Buy It?
Beginner Guides

What is Polkadot (DOT) and How to Buy It?

What Is an Exchange Token in Crypto? Explained for Beginners
Beginner Guides

What Is an Exchange Token in Crypto? Explained for Beginners

Price Analysis
March Market Roundup: The Crypto Market Gains 10% in Thirty Days

March Market Roundup: The Crypto Market Gains 10% in Thirty Days

Guides

About Us

Bitcoin

Ethereum

Solana

Polygon

Ronin

NFTs

Web3

Metaverse

Company

About Us

Contact

Corrections

Privacy

Terms

Sitemap

Community
  • Facebook
  • Twitter
  • LinkedIn
  • RSS
Disclaimer

Information found on this website is those of the writers quoted. It does not represent the opinions of Coinfomania on whether to buy, sell, or hold any investments. Readers must conduct their own research before making any investment decisions. Use the provided information at your own risk.

Coinfomania Copyright © 2023.
Scroll to top
Skip to content