11-17-2022, 10:42 PM
Binance blockades the btc blockchain with transactions and mines the majority of tho
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/yxyovb/binance_blockades_the_btc_blockchain_with/"> <img src="https://b.thumbs.redditmedia.com/N4gJ9ZkwgZ8OdDZHgartDVKpnEdlwNhxaCLlUHTXr1g.jpg" alt="Binance blockades the btc blockchain with transactions and mines the majority of those blocks" title="Binance blockades the btc blockchain with transactions and mines the majority of those blocks" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Some days ago, binance started to transfer their btc from their old btc addresses to a taprot activated or bc1 address to save on future btc txn fees. This filled a bunch of blocks with almost only their transactions. </p> <p><a href="https://preview.redd.it/dljgiqeauj0a1.png?width=1880&format=png&auto=webp&s=90a7050c26919e8cd67c0aa25db2523b739eb705">https://preview.redd.it/dljgiqeauj0a1.png?width=1880&format=png&auto=webp&s=90a7050c26919e8cd67c0aa25db2523b739eb705</a></p> <p>Yesterday, was the memory usage on ~100% every block was filled almost entirely. Well, so far so good, but there is one problem. </p> <p>About two years ago, launched a new miner pool called Foundry USA. </p> <p><a href="https://preview.redd.it/znkixzo5vj0a1.png?width=1213&format=png&auto=webp&s=d112af162c79a9eaf95d4322e4d055fdde17bede">https://preview.redd.it/znkixzo5vj0a1.png?width=1213&format=png&auto=webp&s=d112af162c79a9eaf95d4322e4d055fdde17bede</a></p> <p>They mined an astounding amount of 273 Blocks last week. That's 27% of all blocks that week.<br/> Normally, something like this is not that scary, A mining pool is made of a bunch of different mining businesses and different entities and therefore, are the mined btc split between all participants, those with more hash power gain logically more btc. </p> <p>So let's find out where the mined btc from the Foundry USA pool is going. Oh snap it's a binance wallet. </p> <p><a href="https://preview.redd.it/6nmdjg0jxj0a1.png?width=720&format=png&auto=webp&s=54d787162a609d2be9e8ca69e63ae0777aa6f2e4">https://preview.redd.it/6nmdjg0jxj0a1.png?width=720&format=png&auto=webp&s=54d787162a609d2be9e8ca69e63ae0777aa6f2e4</a></p> <p>Over 700 thousand BTC went through a binance wallet.. yeap you heard that right, that's roughly 80% of the btc rewards or hash power of this pool.. </p> <p>Well the thing is, binance has their own mining pool as well, which also mined 127 blocks the last week. </p> <p><a href="https://preview.redd.it/65deva1uyj0a1.png?width=1202&format=png&auto=webp&s=fb56ba5c0608c64f07fb1300ebc43bfb5ef753d0">https://preview.redd.it/65deva1uyj0a1.png?width=1202&format=png&auto=webp&s=fb56ba5c0608c64f07fb1300ebc43bfb5ef753d0</a></p> <p>​</p> <p>So basically, they took up the whole memepool space for days and mined the majority of these transactions themselves. I don't know if it's just me, but filling up a bunch of blocks and then mining most of them for profit sounds familiar, no? </p> <p>Since nobody know where binance is located at least from a juristic standpoint, I can't say if it's weird that binance mines bitcoin in North America (through the Foundry Pool) or not.. </p> <p><a href="https://preview.redd.it/jzfagc5w0k0a1.png?width=1001&format=png&auto=webp&s=6a2b5c4b74c53bf321d67b431f95ab2d3eaf3437">https://preview.redd.it/jzfagc5w0k0a1.png?width=1001&format=png&auto=webp&s=6a2b5c4b74c53bf321d67b431f95ab2d3eaf3437</a></p> <p>But I definitely can say that CZ can not be trusted and his monopolized approach to the industry and bitcoin (mining and holding) is nothing which should be taken lightly.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/thelovetoy"> /u/thelovetoy </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yxyovb/binance_blockades_the_btc_blockchain_with/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yxyovb/binance_blockades_the_btc_blockchain_with/">[comments]</a></span> </td></tr></table>
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/yxyovb/binance_blockades_the_btc_blockchain_with/"> <img src="https://b.thumbs.redditmedia.com/N4gJ9ZkwgZ8OdDZHgartDVKpnEdlwNhxaCLlUHTXr1g.jpg" alt="Binance blockades the btc blockchain with transactions and mines the majority of those blocks" title="Binance blockades the btc blockchain with transactions and mines the majority of those blocks" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Some days ago, binance started to transfer their btc from their old btc addresses to a taprot activated or bc1 address to save on future btc txn fees. This filled a bunch of blocks with almost only their transactions. </p> <p><a href="https://preview.redd.it/dljgiqeauj0a1.png?width=1880&format=png&auto=webp&s=90a7050c26919e8cd67c0aa25db2523b739eb705">https://preview.redd.it/dljgiqeauj0a1.png?width=1880&format=png&auto=webp&s=90a7050c26919e8cd67c0aa25db2523b739eb705</a></p> <p>Yesterday, was the memory usage on ~100% every block was filled almost entirely. Well, so far so good, but there is one problem. </p> <p>About two years ago, launched a new miner pool called Foundry USA. </p> <p><a href="https://preview.redd.it/znkixzo5vj0a1.png?width=1213&format=png&auto=webp&s=d112af162c79a9eaf95d4322e4d055fdde17bede">https://preview.redd.it/znkixzo5vj0a1.png?width=1213&format=png&auto=webp&s=d112af162c79a9eaf95d4322e4d055fdde17bede</a></p> <p>They mined an astounding amount of 273 Blocks last week. That's 27% of all blocks that week.<br/> Normally, something like this is not that scary, A mining pool is made of a bunch of different mining businesses and different entities and therefore, are the mined btc split between all participants, those with more hash power gain logically more btc. </p> <p>So let's find out where the mined btc from the Foundry USA pool is going. Oh snap it's a binance wallet. </p> <p><a href="https://preview.redd.it/6nmdjg0jxj0a1.png?width=720&format=png&auto=webp&s=54d787162a609d2be9e8ca69e63ae0777aa6f2e4">https://preview.redd.it/6nmdjg0jxj0a1.png?width=720&format=png&auto=webp&s=54d787162a609d2be9e8ca69e63ae0777aa6f2e4</a></p> <p>Over 700 thousand BTC went through a binance wallet.. yeap you heard that right, that's roughly 80% of the btc rewards or hash power of this pool.. </p> <p>Well the thing is, binance has their own mining pool as well, which also mined 127 blocks the last week. </p> <p><a href="https://preview.redd.it/65deva1uyj0a1.png?width=1202&format=png&auto=webp&s=fb56ba5c0608c64f07fb1300ebc43bfb5ef753d0">https://preview.redd.it/65deva1uyj0a1.png?width=1202&format=png&auto=webp&s=fb56ba5c0608c64f07fb1300ebc43bfb5ef753d0</a></p> <p>​</p> <p>So basically, they took up the whole memepool space for days and mined the majority of these transactions themselves. I don't know if it's just me, but filling up a bunch of blocks and then mining most of them for profit sounds familiar, no? </p> <p>Since nobody know where binance is located at least from a juristic standpoint, I can't say if it's weird that binance mines bitcoin in North America (through the Foundry Pool) or not.. </p> <p><a href="https://preview.redd.it/jzfagc5w0k0a1.png?width=1001&format=png&auto=webp&s=6a2b5c4b74c53bf321d67b431f95ab2d3eaf3437">https://preview.redd.it/jzfagc5w0k0a1.png?width=1001&format=png&auto=webp&s=6a2b5c4b74c53bf321d67b431f95ab2d3eaf3437</a></p> <p>But I definitely can say that CZ can not be trusted and his monopolized approach to the industry and bitcoin (mining and holding) is nothing which should be taken lightly.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/thelovetoy"> /u/thelovetoy </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yxyovb/binance_blockades_the_btc_blockchain_with/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yxyovb/binance_blockades_the_btc_blockchain_with/">[comments]</a></span> </td></tr></table>