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What does 51% in mining pools mean (chia mining pool)

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What does 51% in mining pools mean? According to CoinDesk, the concept of havin

What does 51% in mining pools mean (chia mining pool)

What does 51% in mining pools mean? According to CoinDesk, the concept of having 51% of a Bitcoin mining pool is frequently mentioned in the cryptocurrency field. This means that the mining pool controls a significant portion of the computing power, making mining more fair. However, some consider this situation as “unfair” because they believe it can lead to network attacks and loss of income and profits.

If we consider 51% as reverse incentives, then it means double rewards (multi-collateralization). Miners increase their computing power and reduce their costs by allocating their hash rate to other participants, resulting in higher profits. This is meaningless.

Mining pools also have one common characteristic: your computing power only increases when you start using this mechanism. Since most people prefer to mine when they can get a cheaper price or better efficiency compared to others, we call it 51%.

Chia Mining Pool

The Chia (Bitcoin) miners of the Chia mining pool announced today that in order to encourage more participation in mining, they have launched the Chia mining pool, which supports users to mine Bitcoin, Ethereum, or other mainstream public chains on mining machines.

According to official data, as of 18:00 Beijing time on August 9th, there have been 20,000 addresses that have sent over 10 million tokens to the Chia network. This includes:

1. BTC: approximately $3,000

2. T-Systems (5G telecom operator): approximately 500 million RMB

3. Chen Xiaohua, founder of the 1CO platform: early investors will receive substantial returns. Currently, 43,000 accounts have been transferred to.

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