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.
Wow. My question is, was it really ever better technology with 8 megabytes vs 1? Or was that all hype? Oh, come @originalworks bot to bless this important post!
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OK you and the bot get a vote. That was funny. I thought you were joking until i saw the next line!
LOL. One of my favorite bots to call upon because it allows us to help the community recognize original content that others should see. :)
haha.. i didn't know you could do that. :D nice one
Well if the lack of diversity of miners is only a function of profitability, then we should soon see more miners joining the Bitcoin Cash pool.
https://cash.coin.dance/blocks/profitability
This is the big question. Will miners continue to support Bitcoin Segwit when they can easily move to Bitcoin Cash for higher profit? Is there an emotional attachment to Bitcoin that cannot be overcome?
I think we are going to see a shift of mining resources towards Bitcoin Cash for monetary and ideological reasons.
Thanks for sharing this piece of info. The whole picture is yet to come.
interesting observation, hopefully more will join the mining pool
I find it ironic how-- in spite of so many people's "idealistic" stance of decentralization and the blockchain paradigm as the answer to the future-- often everthing just reverts to being good old-fashioned centralized "attempts at power grabs and world domination."
We don't know that yet. Only that its possible. One would think that they would not do something that everyone would ultimately discover, but then I was surprised that the miners can be anonymous.
It just means that there is more room to grow this space. Since there are still miners dedicated to this coin I am sure more and more will jump on board as they are now free from the bureaucracy of Bitcoin to experiment and to make some of it. I think the Chinese are on board and if they are they will make their own and possibly engineer it so mass adoption is possible.
This post received a 4.6% upvote from @randowhale thanks to @penguinpablo! For more information, click here!
Great post. Thanks.
Simple reason, bitcoin cash is not being supported by a large number of miners. Its not an intentional centralization.
Kinda already had an idea this was the case.... Not enough miners for that coin atm.....
Smart.
hell no :/ that's not good :( resteeming this right now, tks for sharing with us
Thanks for the resteem :)
what's your advice? sell out?
Disclaimer: I am just a bot trying to be helpful.
Nice to see people keeping an eye on crypto currency. Upvoted and followed
This will probably change very soon. Bitcoin Cash will hit its first main difficulty adjustment this weekend and it may become more profitable to mine than legacy Bitcoin. If that happens, expect a lot of new miners mining Bitcoin Cash.
I don't know how miners can keep up with all these changes. I guess that's what makes them pioneers.
This is kind of weird.
I thought things are quite different.
@penguinpablo Lightning Network will be highly centralized as well according to Gavin Andresen http://bit.ly/2fNKZ5P
I Clicked U Pls https://steemit.com/@mahboobfsd/feed
Uh-oh Rogercoin, busted!
this is indeed something we should have an Eye on, Great discover !!
This is a very useful information about the Bitcoin, and thanks to you Sir because by reading these postings, I grew about bitcoin.
Wow, so basically its starting to sound like Bitcoin cash is a money grab in the end. Maybe that was the real driving factor in the split, not and the tech reasons were just the excuse. One can wonder, at least.
No, the thing is that bitcoin cash is not being supported by other large miners. It isn't a money grap. Others miners are free to join. Eirtherway miners are needed to suppor the network. Furthermore , at this time, how can attacking the network benefit them at all?
No wonder the fork was not successful...
Ok. It is quite late but I need to cash out from centralized coin....
This may or may not be solved over time when more miners get interest in BCC. It will happen when Bitcoin is near impossible to mine probably. No guaranties though but there will be a limited amount of bitcoins to mine anyway.
Unbelievable !!
Also ETH isn't decentralized. (A Total 28773 Blocks Mined by 57 miners In The Last 7 Days)
https://etherscan.io/stat/miner?range=7&blocktype=blocks
.
Wow ! This is enlightening to say the least. Thanks for bringing this to our attention. Upvote and RESTEEMED. Cheers @penguinpablo
How?
Hello @penguinpablo
Thanks for sharing.
I just went through your blog and I am very happy with the content I am seeing. Can't believe I did not discover you ealier.
Followed.
@ogochukwu
Disaster waiting to happen.
How many miners = decentralized?
A commenter here said etherium isn't either with 57 miners.
the graph they attached seem to show that only 2 took up about half, and the top 5 taking over 75%
its just game of investment if you want to mine you can also do that.
Hello penguinpablo, great info! Bitcoin cash is still an experiment I would say, bit risky. My crypto investing strategy so far has yielded great results with minimum risks! Take a look, let me know what you think? https://steemit.com/bitcoin/@cryptoeagle/what-percentage-should-you-invest-in-each-cryptocurrency-to-become-a-millionaire-a-guaranteed-winning-strategy-updated-8-16-2017
Well
Looks like BCash / Bitcoin Cash has a bleak future.
wow !!!!
I wish i was 1Mn8mkxYm6GGcdUH5Ts3XJN4Ujz4CJerbW :(
;)
great job
upvoted dear
Thanks for this. It's confirmed many of my suspicions..
Since the creation of bitcoin cash, multipool has only mined ONE block in total. You might be onto something.
So ...what can be invest to future..., bit coin cash or bitcoin... , and what best coint future ..?
yes it is just another shitecoin
More People will come to BTCC and thinks will look different then !.
If someone wanted to take down BTC and the whole market this would be the way. Anyone investing in this is contributing to their own demise.