Dear China: please ban bitcoin mining. Four large Chinese mining pools control almost 60% of bitcoin supply and could in theory collude to verify a fake transaction: Goldman


Which mining pools control 60% of bitcoin supply?

Which theory is mentioned in the tweet?

  • Couldn't this be a garbled account of the 51% attack where a mining pool exploits a double-spend? Like the May 2018 BTG 51% attack double-spends? May 24, 2021 at 14:00

1 Answer 1


The tweet seems very confused. Most likely, they meant "60% of the hashrate" rather than supply. It's not clear from the tweet what they mean with "verify a fake transaction". Charitably, one might interpret that they could execute a Finney attack, or execute a doublespend attack by reorganizing the chaintip in a form of majority attack. As written, it rather does sound as if the author of the tweet thought that miners could include invalid data in their blocks and the network would go along with it, which would imply that the tweet's author did not understand that all full nodes on the network independently verify blocks and reject invalid data.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge that you have read and understand our privacy policy and code of conduct.