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Single crypto mining entity corners 51% hash rate in Dash

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The collective hash power of the Dash network stands at 1900 Terahashes per second, and one single entity has about 1000 TH/s. This fact was recently brought forward in a Reddit post by user Flenst. A crypto mining entity named NiceHash held the immense hash power shared across 25,000 miners. The Reddit user has pointed out that the first three addresses in latest Dash blocks are being controlled by the same entity. These three alone have acquired 53% of the hash power, and this had begun around September of 2018.

These three addresses have till now mined 26,665 Dash which amounts to $2.2 million. In any blockchain network possession of 51% hash power creates significant vulnerabilities. In November Dash had said they were introducing new feature named chainlock which will be an effective deterrent to 51% attacks. The 51% attack on Ethereum Classic a few days ago has brought such fears to the fore again. Chainlock deals with the attempts at block reorganization and has modified the most extended chain rule that Dash has inherited from Bitcoin architecture. There is fear expressed that a 51% attack on Dash is possible before Dash is able to integrate chain lock defense.

The new chainlock feature means that when a node finds many different valid chains, it activates the active local chain by selecting the one with the longest work. This is almost always a matter of the chain with the most extended blocks. If we return to the example of Ethereum Classic, Coinbase requires at present 50 confirmations for ETC transactions which works out to approximately 10 minutes. In spite of Dash having an instant sending feature, several crypto exchanges have decided to wait for 50 confirmations before validating Dash transactions. The price of Dash seems to have turned away from such warnings as it climbed 7% in value from $81.05 to $87.30. Dash has an average volume of $120 million per month, and its founders do not seem overly worried.

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