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Early Bitcoin Miners Never Abused Network Control, Study Reveals

Bitcoin Miners

A study by the Center for Genome Architecture shows that the 64 pioneer Bitcoin miners who mined tokens between 2009 and 2011 did not abuse their power despite mining most tokens.

Source: Finbold

BTCUSD is down by 5.76%

The research shows that the most powerful network participants who controlled all the network’s computational resources in the period had many chances of manipulating the protocol.

The study reveals that the agents did not execute the 51% attacks on the network despite having the computational resources factoring in the early centralization aspects.

The largest cryptocurrency by market capitalization was not worth much at launch but reached parity with the USD about two years later. Ten years after the parity, the token peaked at $46k.

The Bitcoin network is designed so that if one agent has more than 50% of computational power, they can validate fraudulent transactions in what is called a 51% attack.

BTC is currently trading at $29,500 after a 6% dip in the past day and a 7.25% drop in the past week.


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