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Mining Centralization Won’t Break Bitcoin – Independent Crypto Research

Independent crypto researcher Hasu has come out with guns blazing against the perceived threat of mining centralization in bitcoin.

The Twitter influencer, who usually engages in high-level technical discussions surrounding bitcoin, posted an opinion piece for CoinDesk:

The piece comes mostly in response to a recent Bloomberg article, which argued that bitcoin’s network operations are controlled by just five companies.

Is the Infamous 51% Attack Even An Issue?

According to Hasu, the hotly-debated topic is not as dangerous as it’s made out to be. In short, the infamous 51% attack allows anyone who’s gained 51% of a blockchain’s computing power to do evil things like spending their bitcoin twice, for example.

This isn’t just theoretical, of course, and has actually happened to other poorly-powered cryptocurrencies like Verge. Hasu, however, is not concerned in bitcoin’s case, going so far as to say that “Concentration is harmless“

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