Bitcoin, the world’s largest cryptocurrency network, whose currency BTC is the most valuable, seems to have been invaded by an unknown miner. The community has the new guest on their radar.
An unknown miner dominates
In the past few hours, the entity not only connected to the network, but also mined several blocks, securing a reward of the precious 6.25 BTC.
What is interesting is that the trackers cannot determine the true identity of the miner who has been raping established pools like Binance Pool and AntPool and even giant mining farms like Foundry USA.
For the last day, the miner has Verified Over 10 Bitcoin blocks, earn over 65 Bitcoins worth over $1.7 million at spot rates.
While there is a chance that the “big” player is new to Bitcoin and has connected thousands of mining rigs to stay competitive and validate blocks successfully, it is almost possible that the “unknown” entity is a mining pool.
In PoW networks like Bitcoin, a group of miners, i.e. the individual hashes that run the mining nodes, can band together and combine their computing power called hash rate into “pools”. When they do this, they have a chance to verify the block of BTC transactions.
In return, the network automatically rewards them with not only the block reward of 6.25 BTC but also the fees associated with the block. Although rare, the fee accrued in the block can be more than 50% of the distributed block reward from the protocol level.
With the bitcoin hash rate constantly rising and more miners pouring in, mining pools are dominating. However, many pools are designed to meet the needs of different miners. Applicable fees, reliability, and the size of their hash rate are some considerations that may also affect reputation. However, over the years, some of the biggest ones include AntPool and ViaBTC.
Is this F2Pool?
It is expected that the ‘unknown’ entity is F2Pool. The error is displayed on trackers because “Mempool’s referral logic is just missing it”.
Will check later if this also turns out to be true or false.
This is it because Attribution “depends on who the miner says they are. It would be easy to impersonate another pool and not guaranteed that pool would notice and deny it was them.”
F2Pool is one of the oldest and largest mining pools in the world.
According to data from mempool. spaceThe pool controls 8.19% of the total bitcoin hash rate.
While it is popular, recent data is Offers Perhaps there was an obstacle in the logic of attribution. Trackers show that the last time F2Pool was mined was in late May 24th.
Featured image from Canva, chart from TradingView