SUITE 319-3, 32 THREADNEEDLE STREET LONDON, EC2R 8AY UNITED KINGDOM CEX.IO LTD E-mail: [email protected] STATEMENT Considering Bitcoin protocol operation and situation within the mining processes, GHash.IO, as the leading mining pool, would like to make a voluntary statement. Based on a closed round table discussion, which took place on July 9th in London, GHash.IO states that it will not exceed more than 39.99% of the overall Bitcoin hashrate. If GHash.IO approaches the respective border, it will be actively asking miners to take their hardware away from GHash.IO and mine on other pools. None of the existing technical solutions against the 51% attack threat is able to solve the problem in a long-term perspective, taking into account interests of existing mining pools, individual miners and Bitcoin community. Thus, Bitcoin adherents should focus on temporary acts until the lifetime solution is found. To make sure the respective solution appears in the nearest future, GHash.IO and CEX.IO are initiat- ing a committee, which will consist of major Bitcoin market players, mining pools and other voluntary Bitcoin companies, with the purpose of accelerating and motivating developers to ﬁnd a technical solution for the 51% threat by accumulating funds and directing them to this process. An original policy document, which describes operational processes of the committee, will be presented shortly. The committee will drive closer communication and cooperation between developers working on the Bitcoin protocol and solving the 51% issue, and businesses, highly interested in expanding the industry, and promote Bitcoin to a broader audience. With this statement, we invite other mining pools to become more transparent to the community, issue similar statements from their sides and declare that they won’t overcome 39.99% of the Bitcoin hashrate as well. We believe that mining pools should support the statement, since any of them can possibly take leading positions and appear on GHash.IO place. We also do encourage Bitcoin market players to join the upcoming committee, assist in supporting Bitcoin developers, actively participate in the Bitcoin community, become ultimately transparent, join forces for developing Bitcoin and promote cryptocurrency to the world. Jeffrey Smith, Chief Information Ofﬁcer CEX.IO, GHASH.IO

Official statement on 51% threat and closed round table

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Page 1: Official statement on 51% threat and closed round table

SUITE 319-3, 32 THREADNEEDLE STREETLONDON, EC2R 8AYUNITED KINGDOM

CEX.IO LTDE-mail: [email protected]

STATEMENT

Considering Bitcoin protocol operation and situation within the mining processes, GHash.IO, as the leading mining pool, would like to make a voluntary statement.

Based on a closed round table discussion, which took place on July 9th in London, GHash.IO states that it will not exceed more than 39.99% of the overall Bitcoin hashrate. If GHash.IO approaches the respective border, it will be actively asking miners to take their hardware away from GHash.IO and mine on other pools.

None of the existing technical solutions against the 51% attack threat is able to solve the problem in a long-term perspective, taking into account interests of existing mining pools, individual miners and Bitcoin community. Thus, Bitcoin adherents should focus on temporary acts until the lifetime solution is found.

To make sure the respective solution appears in the nearest future, GHash.IO and CEX.IO are initiat-ing a committee, which will consist of major Bitcoin market players, mining pools and other volun-tary Bitcoin companies, with the purpose of accelerating and motivating developers to find a techni-cal solution for the 51% threat by accumulating funds and directing them to this process. An original policy document, which describes operational processes of the committee, will be presented shortly.The committee will drive closer communication and cooperation between developers working on the Bitcoin protocol and solving the 51% issue, and businesses, highly interested in expanding the industry, and promote Bitcoin to a broader audience.

With this statement, we invite other mining pools to become more transparent to the community, issue similar statements from their sides and declare that they won’t overcome 39.99% of the Bitcoin hashrate as well. We believe that mining pools should support the statement, since any of them can possibly take leading positions and appear on GHash.IO place.

We also do encourage Bitcoin market players to join the upcoming committee, assist in supporting Bitcoin developers, actively participate in the Bitcoin community, become ultimately transparent, join forces for developing Bitcoin and promote cryptocurrency to the world.

Jeffrey Smith,Chief Information OfficerCEX.IO, GHASH.IO