Research: The bitcoin becomes more decentralized

The new research conducted by the Canadian finance company Canaccord Genuity Group shows that decentralization of bitcoin increases.

Researchers noted that the first cryptocurrency not always was decentralized, especially at the beginning of the existence. But in recent years decentralization increases thanks to the competition of various producers of the mining equipment.

Research: The bitcoin becomes more decentralized

Analysts emphasized that in the middle of 2014 the mining pool of controlled about a half of the general hashrate of bitcoin that did the first cryptocurrency vulnerable to the attack of 51% (that is, owners of a pool which accumulates more than a half of hashrate of network are potentially capable to confirm only transactions necessary to them and to carry out “double expenditure”).

And here in 2019, representatives of the research company note, any mining pool does not control more than 20% of hashrate of network of bitcoin. At the same time five largest pools provide 70% of hashrate (from 10 to 19% everyone), and all others do not reach also a point of 10%.

According to analysts of Canaccord, the increased decentralization of bitcoin is “fundamental positive development” of the first cryptocurrency. Decentralization was influenced by several factors from which promoting of ASIC chips became the main thing.

Let’s note that the hashrate of two mining pools of and Antpool which are under control of the Bitmain company fell, having reached the level of the middle of 2017.