Just days after privacy-focused cryptocurrency Monero (XMR) suffered a 51% attack, fears are now spreading to Bitcoin. Two major mining pools, Foundry USA and AntPool, have gained control of more than half of the network’s computing power.
Hashrate Concentration
Currently, Foundry USA controls 33.63% of the network's hash power, while AntPool accounts for 17.94%. This level of dominance has raised fears of a potential 51% attack, which would allow a group of miners to manipulate transactions or reorganize blocks on the blockchain.
Security Issues
The alarm grew after Foundry mined eight consecutive blocks, raising concerns about the centralization of Bitcoin mining. While specialists point out that executing a 51% attack would be outrageously expensive and self-harmful for the involved miners, the level of concentrated power has concerned many in the cryptocurrency community.
Pressure on Bitcoin Price
These security issues come as Bitcoin's price is under intense pressure. Following last week’s all-time high of $124,457, BTC has fallen to around $113,000, with analysts indicating that a breakdown below $110,530 could lead to deeper losses.
Concerns regarding centralization and the potential threat of a 51% attack continue to trouble the cryptocurrency community, especially in light of Monero's recent experience. Bitcoin's value also remains under pressure.
