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Bitcoin 'mining pool' promises to stay sma

A customer confrms receipt of a bitcoin purchase with cash using a bitcoin
automated teller machine (ATM) at the CoinSummit Virtual Currency confer
ence in London !"#"
$%& '()# ** The largest group of bitcoin miners which maintains and proc
esses transactions in the digital currency is promising to a+oid ma,ority cont
rol of the currency as a temporary measure to maintain the payment syste
m-s credibility"
Mining pool ./ash"0( which is controlled by a 1ritish company C%2"0( Ltd"
said Tuesday that it would not amass more than 34 percent of the processin
g power of the bitcoin system" %arlier this summer it brie5y e6ceeded 74 pe
Miners operate the computers that 8eep trac8 of bitcoin transactions" As a r
eward they recei+e newly minted coins" A miner that controls more than 74
percent of bitcoin processing could control the 5ow of transactions free9e p
eople out of the networ8 and 8eep all future bitcoins for itself" /owe+er that
would undermine the usefulness and credibility of the system potentially ma
8ing bitcoins worthless"
Changes to the software ha+e been proposed to a+oid the problem of a :7; p
ercent attac8: but C%2"0( said it isn-t :able to sol+e the problem in a long*te
rm perspecti+e ta8ing into account interests of e6isting mining pools indi+i
dual miners and bitcoin community":
The company is setting up a committee of ma,or bitcoin mar8et players to de
+elop a technical solution for the problem"
1itcoins allow people to send money o+er the 0nternet without going through
ban8s" Transaction costs are low but it also means the currency is useful for
illegal acti+ities such as money laundering and drug sales" 1itcoins ha+e also
become a target of speculators betting on the currency-s continued run*up" 0
ts +alue has grown a hundredfold in the last two years"
<rom a technical standpoint bitcoins are se=uences of numbers painsta8ing
ly produced by computers churning through millions of calculations" 1itcoin
transactions are recorded in a +irtual public ledger 8nown as the bloc8chain"
Miners are in charge of maintaining the bloc8chain"
(ne mining computer might ta8e years to produce a single bloc8 of coins an
d there-s no way to 8now when that might happen" 0n pools miners di+ide th
e bitcoins they create among themsel+es in proportion to the wor8 done pro
+iding with them with a steadier stream of income( https>??twitter"com?'2
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