Is One Bitcoin Miner Controlling the Entire System?

Bitcoin mining hardware is displayed at a Bitcoin conferences on April 7 in New York Photograph by Andrew Burton/Getty Images

One of the basic ideas behind Bitcoin is that it exists outside the control of any centralized power. That no longer seems necessarily true. GHash.IO, a particularly powerful organization of Bitcoin miners, turns out to have at times controlled more than half of all Bitcoin mining activity—a development that some think poses a new threat to the system.

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