DASH Crypto Coin Network Sees NiceHash Wallet Control Over 51% of Its Mining Hash Rate

According to a Reddit user, the NiceHash cryptocurrency mining company controls the majority of the hash power of the Dash blockchain network. Apparently, NiceHash seems to have more than 1,000 TH/s when the Dash network has 1,790 TH per second.

The Reddit user explains that he started to investigate other blockchain networks after the attack experienced by Ethereum Classic (ETC). He said that NiceHash controls more than 70% of Dash’s hash rate.

In general, Nicehash tends to control around 10% to 20% of Proof-of-Work (PoW) coins nethash. Additionally, this does not affect large coins, but usually the smallest ones.

He went on explaining that there are four unknown addresses that gather all the unknown hashrate. Furthermore, he linked three of these addresses explaining that these three alone gather 53% of the total network hash rate. Furthermore, the fourth address that does not seem connected to these other three could be potentially related to them since it started to gather an important percentage of the hash rate at the same time as the others.

The addresses mentioned by the Redditor are the following:

About ASIC miners he commented:

“What can we conclude from this? ASICs are cancer. At least for all coins smaller than BTC. They don’t secure every network as we can see here. Nicehash is cancer. Someone could actually rent enough hash power for DASH to execute a 51% right away.”

Some users were worried that 51% attacks would eventually reach top 10 cryptocurrencies since attackers have targeted sub 10 cryptocurrencies, including Ethereum Classic or Bitcoin Gold (BTG) some months ago.

Dash is currently working on a new feature that would allow the network to be more secure and protected against 51% attacks. The Dash development team announced that they are working on a new feature called Chainlocks, which will help to deal with block reorganizations.

There was an investor that decided to place funds into mining Dash with ASICs. This would give the investor the power to control the network.

Dash is currently the 15th largest digital asset in the crypto space. Each DASH can be purchased for $76 and it has a market capitalization of $652 million.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide