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Are 3 confirmations still sufficient if F2Pool can mine 6 consecutive BTC blocks?

May 18, 2020

Questions about Bitcoin security came up on May 18 when the F2Pool mining group mined six consecutive blocks in the BTC blockchainwith the block numbers 630804 to 630809.

Since many exchanges and other Bitcoin-related services only require three confirmations before withdrawing money, Some asked if this was still safe enough.

Is the power of the mining hash centralized?

As Cointelegraph reported Since the Bitcoin halving event last week, the hash or hash rate on the network has dropped 30%. This is mainly due to the lower reward for miners who made mining on older machines unprofitable or where margins were already tight.

Are 3 confirmations still sufficient if F2Pool can mine 6 consecutive BTC blocks?
Are 3 confirmations still sufficient if F2Pool can mine 6 consecutive BTC blocks?

However, the distribution of this hashrate between competing groups has actually been more balanced than ever. Although F2Pool is clearly the largest mining pool, it accounts for less than 20% of the total hashrate. This is far from the 51% required to launch a serious network attack.

Are 3 confirmations sufficient?

In order to,F2 pool mining of six consecutive blocks undermines the security level of companies that allow withdrawal after three confirmations?

Fortunately not.

Although F2Pool technically could have faked transactions on one of the previous blocks and somehow exploited this, it could in no way predict that it would mine six blocks in a row.

Everything is just a case of probability. If you flip a coin six times, you are very unlikely to get six heads. However, if you repeatedly toss a coin long enough, you are more likely to witness a six-page series.

But you won’t know when you won’t be able to make a profit after betting if you bet on that outcome.

In the same way, There was no way that F2Pool would benefit from this coincidence, as they could not have known that this would happen in advance.